Whats the problem with One Time Pins?
The Scale of SMS One-Time Passcodes
4 Trillion OTP Messages
One-time passcodes make up a significant portion of global SMS traffic, with trillions of messages sent annually
Messaging Adoption
Customers often prefer messaging over traditional phone, website or store channels
$100+ Billion industry
SMS OTPs is a huge industry, well adopted in all geographies and industries, but serious flaws are being exposed by scammers
SMS Channel Weaknesses and Evolution
Enhanced SIM Security
Mobile Network Operators are strengthening SIM issuance controls to protect against unauthorised access and fraud
Rich Communication Services (RCS)
2025 will see the shift from SMS to RCS offering app like security and experience through the messaging app.
OTP Vulnerabilities
Despite modern security measures like biometrics and AI risk engines, OTPs remain vulnerable to social engineering attacks