TAN stands for the Transaction Authentication Number. You usually need a TAN for all banking transactions that you do online.
It is usually a six-digit number that uses as a unique password for a transaction in online banking.
For each transaction, you need a separate TAN, which you enter, for example, at the end of a transfer.
In the meantime, almost all banks also receive the TAN via SMS or mobile app. Alternatively, there are also individual devices used for this purpose.
Also Read: What is the SOC? – Definition, Advantages, and More
There four different methods:
Also Read: What is MFA? – Definition, Uses, Advantages and More
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