Full form of PIN in banking is Personal identification number. They are often 4-6 digits containing numbers 0-9. The word “PIN” originated for the first time in 1967, with the introduction of Automated Teller Machine(ATM) for dispensing cash to customers.
Generally . PIN is used to verify the authenticity of the user trying to access the information and help in prevention of unauthorized access to sensitive information.
In Banking, it is commonly used in conjunction with ATM, Credit Card, POS Transactions and logging into Banking apps. It adds an additional layer of security while conducting any electronic transaction and protects from various threats and frauds.
Generally, banks provide 3 attempts to enter a PIN. If there are too many incorrect attempts of PIN entering, the card gets blocked and you may have to wait for 24 hours to have it unblocked automatically or have to contact the bank.
Some Precautions to be followed to protect your PIN :
- Memorize your PIN and never write it down anywhere. Also, never share it with anyone.
- Bank Officials never require your PIN for any Banking process. So never disclose it even if they ask.
- While entering PIN in ATM or POS terminals , always shield the PIN Pad from others sight.
- Keep changing your PIN as frequently as possible.
- While creating a PIN, never use digits in sequence of your DOB , Phone number or House Number. Always use a random combination of numbers.
In case you forget the PIN , you always have the option to reset it by following PIN reset process of the concerned Bank. In case you find that some unauthorized person has gained access to your PIN ,change the PIN immediately. And if the situation gets worse, report it to your bank immediately and get your ATM card. blocked.
