| SMS OTP has been a common choice for Two-Factor Authentication (2FA) across various industries. However, in the dynamic realm of capital markets, Tradejini acknowledges certain drawbacks associated with using SMS OTP for 2FA: |
| High Traffic Times: During market openings and volatile instances, due to surge in user logins, the SMS delivery may be delayed. |
| Regulatory Logouts: Regulatory requirements force users to log out of the trading platform daily, exposing them to the risk of SMS non-delivery or delays each time they log in. |
| Telecom Dependency: Relying on telecom networks for SMS delivery poses a systemic risk to trading platforms, especially when authentication needs to be executed on a large scale. |
| Security Concerns: SMS, being an insecure and non-encrypted protocol, can be accessed off the air using hardware close to the device. Additionally, simple social engineering attacks like phishing can lead to SIM hijacking. |
| Advantages of CubePlus App Code and TOTP over SMS OTP 2FA: |
| Cryptographic Security: The CubePlus App Code is cryptographically secure, ensuring that only the intended recipient can access the message. |
| Time Validity: The CubePlus App Code (TOTP) is valid for only 30 seconds, with a new code generated once the previous one expires. |
| Additional Authentication Layers: TOTPs are behind an extra layer of authentication, such as biometrics, and can be stored and generated on a hardware device. |
| No External Connectivity Dependency: CubePlus App Code and TOTPs do not rely on external network connectivity like an SMS gateway, ensuring reliable authentication. |
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