In today's digital era, safeguarding personal information and online accounts has become paramount and more urgent than ever before. With the rapid advancements in technology, the risk of data breaches and online account intrusions has also increased, resulting in an increasingly complex and challenging online environment.
Amid these challenges, single passwords are no longer adequate to ensure user security. Hackers and attackers have become more intelligent and sophisticated in breaching online accounts through various methods. To address these threats, the implementation of two-factor authentication (2FA) has emerged as an effective solution and is widely advocated on a global scale.
Why has Two-Factor Authentication become important?
Two-Factor Authentication, abbreviated as "2FA," is a security method that requires two different and independent types of authentication information from the user to access an account. The two authentication factors provided by VPS are:
- First factor: securities trading account number and login password;
- Second factor: OTP code, with two forms of receiving OTP: SMS OTP and SmartOTP.
In the event that the knowledge factor is compromised by a hacker (e.g., password or PIN leakage), 2FA serves as a second line of defense, preventing unauthorized access and ensuring that only legitimate users can access the account.
SMS OTP and Smart OTP: Which is the more effective authentication method?
"OTP" stands for "One Time Password," a type of password used only once to verify identity or conduct secure transactions. OTP is a prime example of two-factor authentication.
In Vietnam, and particularly in the financial and banking sectors, SMS OTP and Smart OTP have become the most common methods of two-factor authentication.
SMS OTP | SmartOTP | |
Description | SMS OTP is a one-time password sent to the user’s mobile phone when they attempt to access an online account or secure service. | Smart OTP is a type of authentication code generated on a mobile device or smart device. The OTP is automatically created by an application based on a special algorithm and has an expiration time. |
Advantages |
|
|
Disadvantages |
|
|
It can be observed that SMS OTP is a convenient and easily accessible method but relies on telecommunications infrastructure and incurs costs. Smart OTP, on the other hand, is superior, offering better security and being completely free.
Using SMS OTP/Smart OTP on the VPS SmartOne application
To provide the safest and most convenient experience, VPS has integrated Smart OTP into the VPS SmartOne application, allowing users to utilize it without needing to install any third-party applications (such as Google Authenticator or Microsoft Authenticator). This is also the two-factor authentication method recommended by security experts at VPS for login processes.
You can register Smart OTP on only one trusted mobile device. Consequently, all login sessions on the web platform or other devices will require Smart OTP from this mobile device (See the detailed Smart OTP registration guide here).
In the increasingly complex context of cybersecurity, protecting online accounts and personal information has become more important than ever. The use of Two-Factor Authentication (2FA) and biometric authentication methods is a significant advancement in enhancing security, providing users with greater peace of mind when using online services, and avoiding potential cybersecurity threats.
