TAN

A TAN, or transaction authentication number, is a single-use password which is used as authentication in online banking and mobile banking in addition to a PIN.

Both the PIN and the TAN must be entered correctly for successful authentication.

In the so-called “mobile TAN method” (mTan or smsTAN), the TAN is sent to your mobile device via an automated SMS.

A TAN is usually made up of six digits.

Also take a look at: PIN

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Benjamin Manz is CEO of moneyland.ch and an independent expert on banking and finance.