In the present world, privacy is considered a myth. But not for us. We are keen about increasing the security of our users, and we go far and beyond for it. That’s why we have implemented two types of logins to the latest 1lyOptions app. Read more to find out!
What are OTP and TOTP?
Do you know the difference between an OTP and a TOTP? Now is the time to find out.
OTP(One-Time Password)
An OTP is a security feature used in digital systems to verify a user’s identity. It is a unique, temporary code sent to a user’s mobile phone or email. OTPs are valid for only a short period or single use, reducing the risk of unauthorised access even if someone knows your password. Even if your login credentials are stolen, an OTP provides an additional layer of security that prevents hackers from accessing your account.
Users receive the OTP directly via a pre-registered communication method (phone, email), making it accessible without needing special hardware.
TOTP (Time-based One-Time Password)
TOTP is a secure two-factor authentication (2FA) method that generates a
one-time passcode that changes every 30 seconds. This code is used alongside your login password.
Use a TOTP app like Google Authenticator or Authy. Scan a QR code or enter a secret key provided by the service. The app generates a time-based code that is valid for a short period.
Benefits of OTP/TOTP
Are they the same? Yes. But how do they increase the security of your account? Let’s find out.
OTP
- Enhanced security
- Protection against phishing
- Convenience and simplicity
TOTP
- Offline access
- Better security
- Phishing resistance
Conclusion
Trading is about diligence, research and patience. The more data you have, the more informed your decisions will be. Remember, the stock market is always subject to fluctuations. Stay aligned with your investment strategy and financial goals.
Alice Blue does not intend to influence any trading decisions. The content provided is solely for educational purposes.
Open an account with Alice Blue (https://ant.aliceblueonline.com/) and get free access to 1lyOptions—no need to create multiple accounts.