Question 1

What is One Time Password (OTP)?

Accepted Answer

A one-time password (OTP) is a randomly generated string of letters, numbers, and/or symbols that is delivered to a user to be used for just one login or transaction. An OTP is more secure than a static password, particularly one that was established by the user and may be insecure or used on several accounts.

What are the benefits of OTPs?

OTPs reduce the risk around passwords.

Multi-factor authentication: OTPs can add an additional layer of authentication. Using security tokens, OTPs can be generated for users to provide as an additional form of authentication, which increases security and reduces the risk of a breach.
Time-based OTP (TOTP): this type of OTP is time-based, in that it provides a window of time within which the OTP code will be valid. In general, timesteps are 30-60 seconds in length. If the user does not enter the OTP code within the specified timestep, they must request a new one.

Read more on Twilio, Transmit Security, and Entrust.

Question 2

What are your support hours?

Accepted Answer

Our support team is on hand to answer any queries that might arise. The team is happy to assist you or point you in the right direction.

Monday: 8am – 17:30pm
Tuesday: 8am – 17:30pm
Wednesday: 8am – 17:30pm
Thursday: 8am – 17:30pm
Friday: 8am – 17:30pm

If your request is outside of those hours, we might ask that you send an email and we will respond as soon as possible.

Question 3

Which types of transaction must be safeguarded?

Accepted Answer

In PSRs, safeguarding applies to what are described as ‘Relevant Funds’. These are defined as sums received:

from, or for the benefit of, the Payment Services User for the execution of a payment transaction, and
from another Payment Services Provider (either a bank or non-bank) for the execution of a payment transaction on behalf of a Payment Services User

Consequently, Freemarket is obliged to safeguard any monies you transact through us including bank transfers, withdrawals and foreign exchange. Freemarket’s own funds must be held in different bank accounts.

What is One Time Password (OTP)?

What are your support hours?

Which types of transaction must be safeguarded?

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