OTP meaning in Banking ?

Answer:

What is One Time Password mean?

A one-time password (OTP), also known as a one-time PIN, one-time authorization code (OTAC) or dynamic password, is a password that is valid for only one login session or transaction, on a computer system or other digital device. OTPs avoid several shortcomings that are associated with traditional (static) password-based authentication; a number of implementations also incorporate two-factor authentication by ensuring that the one-time password requires access to something a person has (such as a small keyring fob device with the OTP calculator built into it, or a smartcard or specific cellphone) as well as something a person knows (such as a PIN).

OTP generation algorithms typically make use of pseudorandomness or randomness to generate a shared key or seed, and cryptographic hash functions, which can be used to derive a value but are hard to reverse and therefore difficult for an attacker to obtain the data that was used for the hash. This is necessary because otherwise, it would be easy to predict future OTPs by observing previous ones.

OTPs have been discussed as a possible replacement for, as well as an enhancer to, traditional passwords. On the downside, OTPs can be intercepted or rerouted, and hard tokens can get lost, damaged, or stolen. Many systems that use OTPs do not securely implement them, and attackers can still learn the password through phishing attacks to impersonate the authorized user.

reference

Full Form	Category
Oneness Trust Passion	Academic & Science
Bucharest	Airport Code
One Time Password	Banking
OEM (Original Equipment Manufacturer) Technology Provider	Business
Országos Takarékos Pénztár	Business
Over the Page	Business
Once Tamed Productions	Business
Orsz?os Takar?os P?zt?	Business
Outstanding Teacher Programme	Community
On The Planet	Community
Old Testament Pseudepigrapha	Community
Ought To Pass	Community
Overview of The Process	Community
Occupy The Populace	Community
Occupational Training Programme	Community
Over-temperature Protection	Computer Hardware
Objective Technical Problem	Computing
Office of Technology Policy	Computing
Over The Phone	Computing
Open Trading Protocol	Computing
Online Team Play	Computing
Open Technology Platform	Computing
Order Transaction Processing	Computing
One Time Payment	Computing
Oracle Tuning Pack	Computing
Organization Technology People	Computing
On The Potty	General
Over The Pants	General
Online Transaction Process	General
One Time Passcodes	General
Optimal Team Practice	General
Opioid Treatment Programs	General
Orientation Transition Programs	General
Orientation and Transition Programs	General
Ontario Truck Plant	General
Offener Tourenwagen Polizei	General
Oldtimer Praxis	General
One Time Passwords	General
One Time Passcode	General
Other Tobacco Products	General
One Time Pin	General
Open Telematic Platform	General
Open Tech Programme	General
One True Paring	General
One True Pain	General
Open Training Platform	General
On Time Performance	General
Orsz?os Takar? P?zt?	General
Official Titans Podcast	General
Own The Podium	General
Országos Takarék Pénztár	General
Oregon Transportation Plan	Governmental
Out of Turn Priority	Governmental
Office of The Prosecutor	Governmental
On The Prowl	Governmental
Official Tea Party	Governmental
Office of Telecommunications Policy	Governmental
One Term President	Governmental
OTTAPPALAM	Indian Railway Station
Optional Term Policy	Insurance
Oh The Pain	Internet
On the phone	Internet Slang
Origin Template Plot	Maths
One Tree Point	Maths
Opiate Treatment Program	Medical
Opioid Treatment Program	Medical
Off Topic Post	Messaging
One True Pairing	Messaging
Offer To Purchase	Messaging
Outside The Perimeter	Military and Defence
Operational Test Plan	Military and Defence
Outline Test Plan	Military and Defence
One Time Pad	Military and Defence
Opposite Track Path	Military and Defence
On The Porch	Radio Science
Option To Purchase	Real Estate
Otopeni, Romania	Regional
One Time Programming	Softwares
One Time Programmable	Softwares
Online Theme Park	Softwares
On-going Test Plan	Softwares
Operational Test Procedure	Space Science
Operations Test Plan	Space Science
Operations Turnaround Plan	Space Science
Off The Path	Sports
Out To Practice	Sports
Olympic Trial Participant	Sports
Open Telecommunications Platform	Telecommunication
On The Premises	Telecommunication
Open Telecom Platform	Telecommunication
Bucharest Otopeni International Airport	Transport & Travel
Ottapalam	Transport & Travel