ATM card is also known as Debit Card and it is used for online shopping, online bill payments etc. We can withdraw money by using Debit Card or ATM card from any ATM machine.
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ATM card can be used in the same manner as we use SIM card. If we do not have balance in SIM, we cannot talk over cell phone, similarly if there is no balance in bank, we cannot use debit card. Due to advancement of technology, we have received a benefit that now we need not to visit banks to withdraw cash, now we can have cash in hand through ATM machines by using ATM card. Therefore we can say that the meaning of Debit Card is Online Banking Transaction by which you can make any kind of Online Payment.
Nowadays, every bank account holder has a debit (ATM) card. People use them conveniently but there are still some people who do not have much knowledge about these cards. They even don’t know that bank account details can be easily accessed by the digits given on their debit card? They just know that some numbers are written on both sides of the debit card.
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Do you know that these digits or numbers not only depict the details of your bank account but are also very important from security point of view? It is very helpful in preventing fraudulent activities that can occur at the time of shopping and online banking. Moreover, if due to some type of negligence these details are leaked, then it might lead to the frauds.
On the front face of debit card, a 16 digits’ code is written. First 6 digits are Bank Identification Number and the rest 10 digits are Unique Account Number of the card holder. Even the Global Hologram printed on the debit card is a type of security hologram, which is very difficult to copy. It is three dimensional. The date and year of expiry is also written on the debit card so that the card holder can remember that after this date, debit card will not work.
First number shows that industry, which has issued the card; it is known as Major Industry Identifier (MII). Like the Banks, Petroleum etc. It is different for different industries.
1 - ISO and other industries
2 - Airlines
3 - Airlines and other industries
4 - Travels and entertainment (American Express or Food Club)
5 - Banking and Finance (VISA)
6 - Banking and Finance (Master Card)
7 - Banking and Merchandising
8 - Petroleum
9 - Telecommunications and other industries
10 - National Assignment
The first 6 digits of debit card tell about the company which has issued the card. It is known as Issuer Identification Number (IIN).
Master Card = 5XXXXX
VISA = 4XXXXX
From 7th digit to 15th digit, leaving the last digit, are linked to your bank account number. We cannot call it your bank account number but this number is linked with the account. But there is nothing to be worried about, as these numbers does not reveal anything about you and your bank account. It has only been issued by the card provider and is kept unique.
The last number of debit card is known as Check Digit. From this digit, it can be inferred that whether the card is valid or not.
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At the time of Online Shopping, CVV number is required so that the transaction can be completed properly. CVV is the three - digit number, which is given at the back of the card, it is generally present near the signature strip and is highlighted in italics.
It is believed that you must have gained knowledge about 16 digits on the debit card and will use them in a proper manner.