mobile transaction number (mTAN)
The various PIN/ TAN procedures for online banking - indexed transaction number( iTAN), electronic transaction number( eTAN), mobile transaction number (mTAN) and SmartTAN - differ in terms of transactionsecurity.
Like SmartTAN, the mobile transaction number (mTAN) works with the two-step procedure, in which the transaction and the transmission of the transaction number (TAN) take place separately in two steps. In the mTAN procedure, the bank server generates a matching transaction number before each transaction and sends it to the owner's cell phone via short message service( SMS). Hence the name smsTAN.
The smsTAN transmitted to the cell phone is used to approve a single online transaction. After that, it is useless. Increased security is provided by the fact that the target account and the amount are transmitted in the short message service. This allows the customer to check whether his order has been posted correctly before entering the transaction number. The mTAN replaces the ready-made TAN list and is available everywhere on mobile devices. The mTAN procedure is thus much more secure against phishing and pharming.