A New One Time Password Generation Method for Financial Transactions with Randomness Analysis

All of us know that one time passwords (OTPs) are a part of life in today’s scenario. We have to use them for authentication in many applications such as financial transactions, e-commerce websites, and in various government and nongovernment websites, etc. The strength of any OTP is uniqueness and it must not be predictable in any case. The method of OTP generation should be simple but safe enough to avoid any vulnerability. So a simple and unique OTP generation mechanism using RSA (Rivest, Shamir, Adleman) based string is presented in this paper with complete randomness analysis which also solves the associated problem of Syndicate bank’s token based OTP procedure.