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» Enterprise IT Planet » Security » Security Features

One-Time Passwords via Mobile Phone -- Sound Security Practice or Pain in the Neck?

June 1, 2010

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A new one-time password solution from Arcot Systems, a cloud-based authentication specialist, seeks to make financial transactions more secure by using one-time password technology on mobile devices. eSecurity Planet looks at how this would work.

In this digital age, authentication—by password, personal identification number (PIN) or some other form—has become a fact of daily life. Those numbers and passwords are the keys to your castle, granting access to everything from your e-mail to your bank account. Sensitive data is only as safe as the passwords that guard it, and a malicious attacker armed with your passwords can wreak havoc.

Cloud-based authentication specialist Arcot Systems says one-time passwords (OTP) are the solution to dramatically reducing the threat.

"Increasingly we're starting to see attacks on ATMs called skimming attacks," said Jim Reno, Arcot's chief technology officer. "The criminal attaches a device to the ATM that sits over the card entry slot."

Read the rest of "New OTP Solution Utilizes Mobile Phones" at eSecurity Planet.

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