Understanding Payment Verification Methods for Secure Transactions
Discover essential payment verification methods to enhance your transactional security, including two-factor and biometric authentication.
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Payment verification methods include two-factor authentication, where a code is sent to your phone, SMS verification for transactions, biometric verification such as fingerprint or facial recognition, and one-time passwords (OTPs) sent to your email or phone. These methods ensure the security of your financial transactions by adding extra layers of protection.
FAQs & Answers
- What is two-factor authentication for payments? Two-factor authentication (2FA) for payments adds an additional layer of security by requiring not just a password but also a verification code sent to your phone, ensuring that only authorized users can complete a transaction.
- How does SMS verification work? SMS verification sends a unique code to the user's registered mobile number during a transaction. The user must enter this code to proceed, providing an extra layer of security against unauthorized access.
- What are biometric verification methods? Biometric verification methods use unique physical characteristics, such as fingerprints or facial recognition, to authenticate a user during financial transactions, enhancing security by ensuring that only the account holder can authorize payments.
- What are one-time passwords (OTPs) and how are they used? One-time passwords (OTPs) are temporary codes sent to your email or phone that can only be used once. They provide an additional security measure during payment transactions to prevent unauthorized access.