TTP May come soon instead of OTP
OTP = One Time Password
OTP is very dangerous as it gives only one chance to do the transaction. OTP has became a tool to the Hackers, to cheat and loot the people. Because of OTP system the Bank frauds and Financial Cyber Crime is increasing day by day..
TTP = Two Time Password
TTP shall be a strong safeguard for any kind of Mobile or Bank Transaction. In TTP the password key will be released Two times by the Banking System.
With the first OTP, the transaction will only be generated and informed to the customer with Full details of the transaction taking place, such as..
* Full Name of Beneficiary :
* Address/Location :
* Reason of transaction :
* Amount in figure :
* Amount in words :
After confirming the details as above, the user will send SMS to the banking system as YES / NO
Then, if the answer is YES, the system will generate second OTP. Only after providing the second OTP to the system the transaction will take place and the transaction will be completed.
If the answer is NO, the transaction will be cancelled and you will become totally Safe.
So, with the help of TTP, your Mobile and Net Banking Transactions will be fully safe and NO frauds can be happen in any case.
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