One-Time Use Password Systems And Methods

A method of authorizing a one-time password by an authentication server to be used in a transaction by a user, comprising:

• receiving, at the authentication server, a request originating from an electronic device to authorize the one-time password;
• sending a challenge via a secure communication channel from the authentication server to the electronic device of the user to authenticate the user;
• receiving, at the authentication server, a signed version of the challenge originating from the electronic device of the user via a secure communication channel;
• determining, by the authentication server, whether the user is authentic based on the signed challenge;
• and
• authorizing, by the authentication server, the one-time password for use in the transaction in response to a determination that the user is authentic based on the signed challenge.

A system for using a one-time password in a transaction, comprising:

• a processor configured to:
• receive a request originating from an electronic device to authorize the one-time password for use in the transaction;
• send a challenge to the electronic device to authenticate a user;
• receive a signed version of the challenge originating from the electronic device;
• determine whether the user is authentic based on the signed version of the challenge;
• and
• authorize the one-time password for use in the transaction in response to a determination that the user is authentic based on the signed version of the challenge.