What is OTP in a Credit Card Transaction?
You may have wondered what is OTP, or one-time-password, in a credit card transaction. The short answer is that it is a secure and encrypted online transaction that requires your unique mobile number. To keep your information safe, it is important to always use an encrypted website and to ensure that your antivirus and firewall are up-to-date. This helps protect your personal information and prevent fraud.
The OTP is used in credit card transactions as an added layer of security and authorization. Your card will be blocked if the OTP is not entered correctly. However, if you do not have an OTP, credit card transactions could be quite risky. To avoid such a scenario, always make sure that you enter your number correctly and within the timeframe given by the bank. Otherwise, your card could be blocked and you might have to pay for the transaction twice.
OTPs are a crucial part of any online transaction, but the security benefits are only part of the overall package. Some banks even allow users to request the OTP via SMS. The SMS must contain the last four digits of your credit card number, as well as a mobile number that is registered with the bank. Then, you enter the OTP into the specified field to validate the transaction. No longer will you be asked to enter multiple passwords to validate the transaction.
When using your credit card, you should never share your card information with anyone, even if they send you an email. This is because your information will be exposed to unauthorized use by others. The security of your credit card transactions depends on your OTP. If you don’t receive an OTP from your credit card company, you are at risk of fraud. By implementing OTP, you can protect yourself from fraud by ensuring that your card details are never shared with anyone.