What does TAN mean in BANKING

A TAN is a Transaction Authentication Number—an automated, one-time-use code that provides an extra layer of security for sensitive internet banking and other financial activities.

When a user needs to complete an online financial transaction, they must provide their TAN to prove their identity and authorize the transaction. After the TAN has been entered and verified, it can no longer be used and must be replaced with a new one for all future transactions.

Your bank or financial institution should provide you with your unique TAN when you open an account or make certain types of transactions. You may also need to request a new TAN from time to time if you change banks or when you need to perform additional secure transactions.

Yes. A TAN is designed so that it can only be used once and then must be replaced with another unique number in order to protect against fraudulent activity or hacking attempts. Additionally, many banks now offer additional two-factor authentication methods using biometric technology such as fingerprints or facial recognition software.

If someone obtains your TAN without your authorization, they could potentially use it to gain access to your accounts and commit fraud or other illegal activities using your identity. As soon as you become aware of any unauthorized use of your TAN, contact your bank or financial institution immediately in order to prevent any further damage.