*TTP May come soon instead of OTP*
*OTP = One Time Password*
OTP gives only one chance to authorise the transaction. OTP has also became a tool to the Hackers in some way or other.
*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 more safe and frauds can be eliminated or minimised.*
Note: if the second OTP is sent to another number belonging to one of the family members of banking customers OR to their respective mail, then TTP system will be more stronger.