Time-Based One-Time Password (TOTP)

Published Oct 17, 2024

In accordance with the new exchange circular on Implementation of Two Factor Authentication, it is mandatory to have 2 levels of Authentication going forward.

Two Levels of Authentication:
  1. Knowledge Factors
    # These include traditional security measures such as Passwords and PINs.
    # These are already in place in the current system.
  2. Possession Factors
    # These involve additional security layers such as OTP, Authenticator Apps, and Security Tokens via Biometric Login.
    # For web and desktop traders, TOTP (Time-Based One-Time Password) is introduced.
    # For mobile apps, Biometric Login has been implemented as part of the possession factor.

 

What is TOTP?

TOTP (Time-Based One-Time Password) is a widely recognized and secure method of two-factor authentication (2FA) used to protect accounts by generating regularly changing, time-based passwords.

  • How It Works:
    # TOTP generates unique, one-time tokens that are valid only for a short period (typically 30 seconds).
    # These tokens are used in conjunction with a user’s password for added security.
    # Users simply scan the QR code provided in the trading application using an authenticator app to activate the TOTP feature.

 

Why Use TOTP?

  • Enhanced Security: Protects your accounts against hacking by requiring an additional password/token for login.
  • User Convenience: Easy to use with minimal setup.
  • Real-Time Authentication: The token changes regularly, making it difficult for attackers to compromise accounts.

 

Commonly Used Authenticator Apps:

Below are some of the most widely used TOTP authenticator apps:

Google Authenticator is available on Google Play Store
Microsoft  Authenticator is available on the Google Play store
Authy is available on the Google Play store

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