How to protect yourself from OTP theft (2024)

FAQs

How can we protect OTP? ›

Advanced malware automates the process: initiating login, intercepting OTP, and completing authentication. Attackers gain unauthorized access to perform malicious actions (funds transfer, data theft). The malware may erase the OTP message to avoid detection by the user.

OTP is the most common MFA method because it can be widely adopted — everyone has a phone, and ensures a certain degree of safety when it comes to identity verification. However, as online fraud attacks evolve both tactic and volume wise, OTP is no longer your trusted friend.

Always use a cryptographically secure random number generator for creating OTPs. 8. Provide a Fallback Mechanism: In case a user cannot access their OTP, for example, if they lose their device, implement a fallback mechanism.

Receiving an unauthorised OTP means that someone is trying to get unauthorised access to your account or conduct a fraudulent transaction. Either way, it is a cause for worry and should not be ignored. An unauthorised OTP should always strike as a red flag to prevent your account from being compromised by a scammer.

Account owners and admins on paid accounts can disable the one-time passcode (OTP) security feature, also known as a verification code, for all users on their account. OTP is designed to mitigate account hijackings due to compromised or weak credentials and help keep your account more secure.

Even the security of One-Time Passwords (OTPs) is illusory. Even when OTPs are time-limited or generated from an app or hardware token, cybercriminals can still deploy phishing methods to intercept OTPs.

One-time password (OTP) systems provide a mechanism for logging on to a network or service using a unique password that can only be used once, as the name suggests. The static password is the most common authentication method and the least secure. If "qwerty" is always your password, it's time to change.

The One Time Password (OTP) process is a normal security measure that triggers when you access from an internet location (IP address) that was not previously recorded.

Disadvantages of One-Time Passwords

Some emailed OTPs may be delayed or end up in a Spam folder. If a user loses a physical token, they've lost access to their OTP. Many users find this frustrating or annoying, even if they understand and appreciate the security benefits of using one-time passwords.

Is OTP perfectly secret? ›

Embedded security

In cryptography, the OTP is an encryption technique that cannot be cracked if used correctly. In this technique, a plaintext is paired with a random secret key (also referred to as a OTP).

– Traditional passwords are always at risk of being stolen because they can be used to access the account at any time. However, OTP passwords, although they can be intercepted, cannot be used in the future due to their expiration. This improves security by limiting the scope of potential intruders.

Biometrics are sensitive and it's near impossible to spoof someone's biometric. However, if a biometric is stolen, it cannot be changed. Therefore, biometrics can be a very secure authentication method, as long as the biometric data is stored securely.

Most Secure: Hardware Keys

Source. External hardware keys, like Yubikeys, are among the strongest authentication factors available. Also called FIDO keys, they generate a cryptographically secure MFA authentication code at the push of a button.

Users need two-factor authentication for more reliable protection of their accounts: while each individual authentication method is vulnerable, two (or more) of them used together make account-takeover a lot more difficult.

Hackers often employ deceptive emails or websites to trick users into revealing their 2FA codes along with their login credentials. Once they obtain both, they can swiftly access the account. Attackers use psychological manipulation to deceive individuals into divulging their 2FA codes or other authentication data.

As OTPs are personal to your email ID or mobile number registered with the service provider, cyber attackers cannot access them without scamming you. They either steal your OTP without your knowledge or scam you into revealing the OTP by using fraudulent tactics.

Packet sniffing is where a hacker will intercept data as it is being transmitted across a network. Sniffing software reads and displays the content of all packets being sent on a network. Packet sniffing is a form of passive attack.

Hackers leverage encryption to conceal command and control communications and employ polymorphic and metamorphic malware that can alter its own code.