What is TPIN? Short for Transaction Personal Identification Number, most of us are familiar with this mechanism to authenticate ourselves while using phone banking. The introduction of a TPIN and OTP to verify the authenticity of stock transactions has given a boost to the security of stock transactions. Since cyber risks are persistent, choosing the appropriate measure to secure the system is crucial, especially against unauthorized transactions. The use of TPIN and OTP ensures double authentication and ensures the security of your holdings.
TPIN generation and OTP verification process when used in trading means that your investments are well protected. By creating a new unique TPIN and adhering to best practices when it comes to TPIN security, one is assured of safe transactions in the ever-dynamic stock market.
What is changing for you?
In the rapidly changing environment of stock trading, security concerns are among the most important for both traders and brokerage firms. There have been enhanced security threats in cyber fraud and increasing instances of unauthorized transactions, hence the need for more secure authorization methods in stock transactions. How to generate TPIN and OTP (One-Time Password)-based verification is an important question for traders to understand.
As a stock trader, you may be aware that brokerage firms and depositories are gradually incorporating a two-factor authorization procedure for a stock transaction. Earlier, the process of selling stocks was fairly simple and mainly based on a single security level, most often a password or a personal identification number. However, the development of threats in cyber security space and growing instances of phishing demanded a new, more secure system.
To increase the security of your transactions, TPIN generation and OTP-based verification have been introduced. Instead of just keying in your password, you will now be asked to type in your TPIN and One-Time Password which will be delivered to your registered mobile number or email. This makes it almost impossible for someone to access your account since the two layers would have been set differently and independently.
TPIN+OTP verification
The essence of this new verification method is the use of two factors of authentication: knowledge factor (TPIN) and possession factor (OTP). The TPIN is actually a permanent number that you initially create, while the OTP is an automatically generated PIN that changes every time a particular transaction is initiated.
In the case you decide to sell some shares, the system will first ask you to provide your TPIN to approve the transaction. After you input the right TPIN, a one-time password will be sent to your registered number or email address. The OTP is valid for a specific period and in most cases, it expires after 5-10 minutes of the transaction and the user is required to enter it to affirm the transaction.
The use of TPIN and OTP also makes security very strong because even in case the TPIN is compromised, the OTP, which goes to the client’s device, cannot be obtained by another individual.
Verification of holdings’ validity
In the new verification process, the most important aspect in many cases is the verification of holdings’ validity. When you confirm your holdings using TPIN and OTP, authorization is generally effective for some time and is usually up to 90 days.
The implication of this is that once you have gone through the validity checks of your holdings you may not have to go through this process again each time you engage in a transaction within this validity period. For example, after the validity period has expired, you will need to go through the process of providing the TPIN and the OTP again.
This validity period is designed to balance security with convenience, allowing you to trade freely within the specified timeframe while still maintaining a high level of protection against unauthorized transactions.
Setting your own TPIN
One of the important aspects of the TPIN-based system is the flexibility for traders to set their individual TPIN, which brings us to the question, how to get TPIN. Contrary to some systems in which secret digits are assigned, TPIN allows one to select a number that is easy to remember but is difficult for unauthorized persons to hack.
In the selection of the TPIN, it is good to follow some of those recommended guidelines that will help one maintain the secrecy of the TPIN. The best passwords should not be easy to guess and should not include dates of birth, dates of marriage, or numbers in sequence like 1234. Nevertheless, it is advisable to choose numbers that are special to the user, but are not known to a common random stranger.
On another note, do not share your TPIN with anyone and do not write it down somewhere where it may be easily found. Remember, TPIN is your first layer of protection against unauthorized entry into your inventory assets and must thus be protected.
How can you verify your holdings?
Verifying your holdings using the TPIN and OTP method is simple and usually involves the following steps:
1. Log in to your trading account: Begin by logging into your brokerage account using your username and password.
2. Navigate to the holdings section: Once logged in, visit the section of your account wherein your inventory holdings are displayed.
3. Initiate the sell order: Select the shares you wish to transact in and continue to place a sell order.
4. Enter Your TPIN: The system will prompt you to enter the TPIN. This is the static code you set up earlier.
5. Receive and Enter OTP: After you key in your TPIN, an OTP will be sent to your registered mobile or e-mail. Enter this OTP in the given time frame.
6. Complete the transaction: Once the TPIN and OTP have been authenticated, your order will be processed.
This method ensures that every transaction is securely authenticated, offering peace of mind that your holdings are covered.
What is the TPIN process?
The TPIN generation process is therefore assumed to be secure and at the same time offers easy completion. Here’s a step-by-step guide to help you understand how it works:
1. Setting Up TPIN: The process to generate TPIN is done initially at the time of registration with a brokerage or depository. This can be usually done via the brokerage’s website or by using an application installed on a smartphone.
2. Linking to your account: TPIN as a rule is an automatically generated string that is associated with your trading account and you cannot trade stocks without a TPIN. This connectivity ensures that the TPIN you will be keying in will be of your account and cannot be used by others.
3. Using TPIN for transactions: Every time you place your sell order, you will need to enter your TPIN number.
4. Receiving OTP: After that, you need to provide the OTP. The OTP code will be delivered to the registered mobile number or email ID. The OTP is the second layer of security and it has to be typed to get to the last part of the transaction.
5. Finalizing the transaction: When the OTP is entered and verified, the transaction is complete.
6. Changing your TPIN: If for some reason you face security issues with your TPIN, or you simply want to change it, it can be done through the brokerage’s website or the application. Customers are encouraged to change their TPIN at regular intervals for better security of the account.
How to set your own TPIN?
Establishing one’s own TPIN is easy and does not involve many steps. Below are the steps to generate TPIN:
1. Login to your brokerage account: To start with the process of how to get TPIN, one has to login to the account of the brokerage using the username and password.
2. Access the TPIN setup page: This can be done by browsing the part of the account settings where one may intimate or change the TPIN. It is mostly seen in the security or account control area.
3. Choose a secure TPIN: You can choose any number for TPIN. But remember to select a number that cannot be easily guessed, but it should be easy for you to memorize. Do not use easy-to-guess numbers like 1234 or your date of birth.
4. Confirm your TPIN: You will be normally asked to re-enter your TPIN to confirm it. This verifies that you have entered it correctly.
5. Save the TPIN: When you have gone through the process of TPIN change, you should click on ‘save new changes’. Your TPIN is now set and shall be used in every sell transaction that you will be doing in the future.
6. Store TPIN securely: As you proceed, kindly note that the TPIN has to be protected. It is better to write it somewhere secure and never disclose it to anyone.
Conclusion
The security of stock transactions is greatly enhanced by TPIN generation and OTP-based verification, which provide a strong defense against unwanted access. Your holdings remain secure thanks to this dual-layer authentication, even in the event that one security measure is breached. With a strong TPIN and an understanding of the verification procedure, you may trade with assurance knowing that your money is secure. Adopting these security measures is essential to successfully navigate the changing stock trading environment.
