Mobile phone users are all too familiar with the one-time password (OTP) sent via text to log into various apps. However, cybersecurity experts are sounding the alarm on the vulnerabilities of OTPs, urging consumers to be more aware of the risks involved. While OTPs may not be going away anytime soon, it’s essential for users to understand the potential security threats associated with them.
According to Tracy C. Kitten from Javelin Strategy & Research, OTPs sent via text are particularly susceptible to online scams, including phishing attacks, SIM swapping, and message interception. This can leave users vulnerable to fraudsters even when they believe their phone is secure. Additionally, the delayed realization of a compromised account can make it difficult to rectify the situation.
To enhance security, experts recommend using authenticator apps like Google Authenticator or Microsoft Authenticator, rather than relying on SMS for OTPs. These apps provide users with unique codes that expire after a short period, reducing the risk of unauthorized access. While not foolproof, authenticator apps offer a more secure alternative to SMS OTPs.
For even greater protection, users can opt for hardware security keys like Yubico, although this may require a financial investment and careful safeguarding. Passkeys, which eliminate the need for passwords, provide an additional layer of security and protection against phishing attacks.
Despite the risks associated with OTPs, many companies continue to use them due to their affordability and simplicity. Dusty Anderson from Protiviti mentions a client that hesitates to move away from SMS OTPs for fear of customer pushback. As a result, OTPs are likely to remain in use for the foreseeable future, albeit with inherent security concerns.
While OTPs via SMS may not be the ultimate solution for online security, they still offer more protection than relying solely on passwords. It’s essential for users to understand the risks involved and consider alternative authentication methods to safeguard their online accounts.
