What Is a One-Time Password (OTP)?
A One-time password is an automatically generated numeric code that can only be used once. One-time passwords are used to authenticate users before they can access an account or system and are often used as a form of Multi-Factor Authentication (MFA) to add additional verification factors to an account. Many companies, such as financial institutions, send their users one-time passwords to verify their identity before they grant them access to sensitive accounts and information.