Dynamic one-time passwords (OTP) are becoming a preferred Consumer Authentication method for banks around the world. Financial institutions have started requiring OTPs to authenticate Customers, as well as employees before granting access to sensitive financial data. Several banks using Cardinal’s 2IDENTIFI™ Universal Platform for Issuers have strengthened their 3-D Secure authentication service with OTP, using the Platform’s mobile banking service.Cardinal’s Customers have several options for OTP delivery, including SMS delivery to a mobile phone, or a bank-branded Mobile App that allows cardholders to generate an OTP whenever authentication is required. There are also options outside of the mobile channel, when the bank's Customers don't have a smartphone or SMS capability, such as leveraging a hardware token that issuers already provide to their Customers.
Once an issuer decides on the method of OTP delivery that’s best for its cardholders, the next decision is whether to make OTP the single authentication requirement or part of a multi-factor authentication method. Another important consideration for issuers launching a new mobile OTP service is authenticating cardholders that do not have a mobile device. With Cardinal, an issuer is able to deploy an OTP service for Consumer Authentication that works for all its cardholders.
Cardinal works with issuers all over the world to combat fraud with dynamic solutions, such as OTP. Our service provides issuers with a variety of ways to deploy a single or multi-factor OTP method that also includes real-time, dynamic choices for cardholders who require an alternative to mobile OTP.
Contact Cardinal today to learn more about One Time Passwords!