One-Time Password (OTP)
One-time passwords can only be used once, during a very short time e.g. 10 seconds. They offer superior security to static passwords which are more vulnerable to unauthorized use because they remain the same. Once decoded, a hacker has unlimited access to the account's information until the password is changed. Additionally users are prone to using a password across social, financial and medical accounts, jeopardizing security on all fronts. A one-time password secures the one application so that even in the event of a security breach, the hacker will not be able to access the account in a second attempt.
One Time Passwords are also referred to as: