OTP is a password that is only used once to secure your account when making online transactions. To learn more about OTP, please refer to the following sharing article.

Every time we make an online payment transaction, we see the bank informing us to enter the OTP code. So What is OTP code?? Absolute security? When using OTP code, what points do we need to pay attention to? All these questions of our customers will be shared in detail in the article below.

What is OTP code?

OTP code stands for One Time Password – is a one-time-use password and is considered a second layer of protection for electronic banking accounts, online payments or e-mail, social networks.

OTP code is a sequence of alphanumeric characters generated by the bank, when customers conduct an online transaction, the bank will send this code to your phone to confirm the transaction. This way of sending the code will help complete the transaction securely.

OTP code enhances bank account security
OTP code enhances bank account security

With a one-time use nature, if you do not use it quickly after about 30 seconds to 2 minutes, the OTP code will be invalidated. You will not be able to use it for any other transaction. It can be said that OTP code is a special 2-layer security used to prevent. At the same time to reduce the risk of being attacked when the password is exposed or a hacker enters.

Why need OTP code?

As explained above, OTP with 2-layer security is offered by the bank to maximize customer account protection. This type of “password” is only sent to the SMS in the phone when the customer makes an online payment and can only be used once to identify the transaction.

SMS OTP code to secure customer accounts when making online transactions
SMS OTP code to secure customer accounts when making online transactions

If you accidentally reveal your old password and OTP code, your bank account is still protected. Under the era of technology crime has developed a lot, issuing and using OTP codes is the way banks improve account security for their customers.

Types of OTP codes today

Currently, OTP codes are mainly put into use and are issued in 3 forms:


An OTP code will be sent to the phone number you used to register when opening a bank account. For example, when paying online with an ATM card, you must enter the code in the text message sent to your phone to proceed with the transaction. Most banks such as Timo, Vietcombank, VPbank, etc. have SMS OTP services.


Tokens to be electronic device that the account holder is provided with when opening an account at a bank. When you use this form, you will need to pay an additional fee to make a Token machine.

Smart OTP

This is an OTP generator application that you can install on phones using Android or iOS operating systems. Immediately after registering an account on the application and successfully activating, smart OTP works similar to Token.

Voice OTP

This is a form of getting OTP code that has just appeared recently. With this form, the system automatically calls the phone number you registered to use to provide a one-time password according to the pre-recorded file.

Are OTP codes absolutely safe?

OTP code is currently used by most banks in Vietnam. This type of code will be extremely safe if you correctly grasp the principles and requirements of the customer. If you subjectively lose the OTP code, the security will be significantly reduced.

If you use a public computer to log in to your account, make a transfer, and forget to log out, this will be an opportunity for bad guys to take advantage. More specifically, you lose the phone that has previously registered the OTP code. In general, OTP codes will be absolutely safe when you know how to use and protect your personal information.

What to do in case of transfer but not receiving the money?

The fastest and simplest way to get OTP code

If you want to make an online transaction money transfer using Internet Bankingyou must log in the account name and password registered with the bank, then fill in the transaction information including: Recipient, money transfer method, transfer amount, … The bank will ask you to check check again and to get the OTP code, click Get OTP code.

After you press the “get OTP code“The system will send to your phone SMS or email an OTP number range of 4-6 characters within a few minutes. Now you just need to enter the correct OTP code into the internet banking application for final confirmation. The OTP code will automatically be sent to the address you registered correctly with the cardholder’s account.

Note when using OTP code to avoid being revealed

To use this security layer as the second security layer and to avoid the OTP code being exposed, you need to follow the following rules:

  • Always set a password for the phone you register to receive the OTP code. This will prevent others from getting the OTP on your phone.
  • Regularly change your bank password to ensure maximum account security.
  • Immediately notify the bank to temporarily block the SMS OTP feature if your phone is accidentally lost.


Above we have helped you better understand what an OTP code is and the importance of using an OTP code. Hopefully these shares will help you to be more aware of the protection and security of your account. Good luck!

Information edited by: banktop.vn

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