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OTP means:
  • a)
    One-time password
  • b)
    One-time payment 
  • c)
    Online transaction pathway
  • d)
    Online transaction password
  • e)
    Online transaction portal
Correct answer is option 'A'. Can you explain this answer?
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OTP means:a)One-time passwordb)One-time paymentc)Online transaction pa...
Solution: Option 1.
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OTP means:a)One-time passwordb)One-time paymentc)Online transaction pa...
One-time password (OTP)
An OTP, which stands for One-time password, is a unique code that is typically sent to a user's mobile phone or email address during an online transaction or login process. It is used as an additional layer of security to verify the identity of the user and prevent unauthorized access to sensitive information.

How OTP works
- When a user initiates an online transaction or tries to log in to a secure account, the system prompts them to enter an OTP.
- The OTP is usually sent to the user's registered mobile phone number or email address.
- The user receives the OTP and enters it into the required field within a limited time frame.
- Once the correct OTP is entered, the transaction is authorized, and the user gains access to the account or completes the transaction.

Benefits of using OTP
- Enhanced security: OTPs provide an extra layer of security by requiring users to verify their identity with a unique code.
- Protection against fraud: OTPs help prevent unauthorized access to accounts or transactions, reducing the risk of fraud.
- Easy to use: OTPs are simple and convenient for users to receive and enter during online transactions.

Conclusion
In conclusion, OTPs play a crucial role in securing online transactions and protecting user information. By implementing OTPs, organizations can enhance security measures and ensure a safer online experience for their users.
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Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?

The chief scientist of a major vaccine producing company has the responsibility to keep the formula of the vaccine confidential. He stores the formula in his e-device with 3 consecutive locks, all of which need to be unlocked to access the formula. The first of the 3 locks is a pattern lock, the second one is a numeric lock and the third and final one is an alphanumeric lock. The pattern lock is in the form of a regular hexagon with 6 distinct vertices A1, A2, A3, A4, A5, A6, in that order. One needs to connect all the 6 vertices one after the another in any random order connecting each vertex only once and only one order of connecting the 6 vertices exists which will unlock the first lock. The numeric lock has a code of ABC, where A, B and C are single digit natural numbers. A is a multiple of 2. B is a multiple of 3, C is a multiple of 4 but not equal to A.The alphanumeric lock has a code MNPQRS, where M and N are alphabets and P, Q, R and S are digits. M and N have to be consecutive vowels or consecutive consonants, not necessarily in order. Two alphabets are said to be consecutive vowels if both of them are vowels and they are consecutive when all the 5 vowels are written in alphabetical order. For example, E and I are consecutive vowels, but A and O are not. Two alphabets are said to be consecutive consonants if both of them are consonants and they are consecutive when all the 21 consonants are written in alphabetical order. For example, D and F are consecutive consonants but D and V are not. For example, M and N can be A and E respectively or E and A respectively. P is equal to Base-Ten-Index of M. Q is equal to the Base-Ten-Index of N. R and S can only take binary values, that is, 0 or 1.Base-Ten-Index of an alphabet = Index of alphabet % 10, where Index of an alphabet is its position when all alphabets from A to Z are arranged alphabetically and a%b is the remainder when a is divided by b.For example, Base-Ten-Index of J = 10 = 0 , Base-Ten-Index of M = 13 = 3.The chief scientist can only set passwords/patterns which follow all of the conditions mentioned above.Based on the information given above, answer the questions that follow.Q.Given below is a list of patterns/passwords, some of which are in accordance with the rules mentioned and some are not. The chief scientist can use any combination of valid patterns/passwords from the following to lock the e-device. What is the total number of ways in which he can do so?Pattern:(1) A1 A2 A5 A6 A5 A2 A4 (2) A1 A2 A3 A4 A5 A6 (3) A6 A5 A4 A3 A2 A1 (4) A1 A6 A5 A2 A4Numeric password:(1) 234 (2) 434 (3) 298 (4) 634 (5) 894 (6) 230 (7) 638Alphanumeric password:(1) AE1500 (2) CD3410 (3) HJ8000 (4)QP7600 (5) AB1211 (6) YZ4600 Correct answer is '40'. Can you explain this answer?

The communities of ants are sometimes very large ,numbering even up to 500, individuals and it is a lesson to us that no one has ever yet seen quarrel between any two ants belonging to the same community .On the other hand ,it must be admitted that they are in hostility not only with most other insects ,including ants of different species ,but even with those of the same species if belongs to different communities .I have over and over again introduced ants from one of my nests into another nest of the same species ; and they were in variable attacked , seized by a leg or an antenna and dragged out .It is evident therefore ,that the ants of each community all recognize one another ,which is very remarkable .But more than this ,I several times divided a nest into two halves and found that even after separation of a year and nine months they recognize one another and were perfectly friendly ,while they at once attacked ants from a different nest ,although of the same species.It has been suggested that the ant of each nest have some sign or password by which they recognize one another .To test this I made some of them insensible, first I tried chloroform; but this was fatal to them and I do not consider the test satisfactory .I decided therefore to intoxicate them. This was less easy then I had expected .None of my ants would voluntarily degrade themselves by getting drunk .However ,I got over the difficulty by putting them into whisky for a few moments .I took fifty specimens –25 percent from one nest and 25 percent from another made them dead drunk ,marked each with a spot of paint ,and put them on a table close to where other ants from one of the nests were feeding .The table was surrounded as usual with a most of water to prevent them from straying .The ants ,which were feeding soon noticed those ,which I had made drunk .They seemed quite astonished to find their comrades in such a disgraceful condition ,and as much at loss to know what to do with their drunkards as we were .After a while ,however ,they carried them all away the strangers they took to the edge of the moat and dropped into the water ,while they bore their friends home in the nest where by degrees they slept off the effects of the spirits .Thus it is evident that they know their friends even when incapable of giving any sign or password.Q.The authors anecdotes of the inebriated ants would support all the following inductions except the statement that

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OTP means:a)One-time passwordb)One-time paymentc)Online transaction pathwayd)Online transaction passworde)Online transaction portalCorrect answer is option 'A'. Can you explain this answer?
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OTP means:a)One-time passwordb)One-time paymentc)Online transaction pathwayd)Online transaction passworde)Online transaction portalCorrect answer is option 'A'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about OTP means:a)One-time passwordb)One-time paymentc)Online transaction pathwayd)Online transaction passworde)Online transaction portalCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for OTP means:a)One-time passwordb)One-time paymentc)Online transaction pathwayd)Online transaction passworde)Online transaction portalCorrect answer is option 'A'. Can you explain this answer?.
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