PIN is a numeric password that is used to gain access of system by the user to perform banking transactions. The PIN is not embedded or printed on the debit/credit cards but it is entered manually by the cardholder during ATM machine & POS operating. System grants access only when PIN is authenticated. PIN is a confidential information that user is not supposed to share it with anyone. PINs are used across multiple sectors including banking, Payment processing and communications.
In Banking systems, security measures and PIN management is governed as per the International Standards and it is also used in Door access, Internet transactions, computer and mobile security or log in to a restricted website/physical area.
Benefits: - The PIN provides the following benefits: -
i. It is used for providing access to multi types of network systems and websites.
ii. It is used as information in privacy management, while preventing unauthorized access due to lost credit/debit cards or usernames/passwords.
A user is allowed to enter limited attempts for entering PIN number. If the user enters an invalid PIN several times then Vendors/Banks may seize your debit/credit cards. It is mandatory information required at each time for banking transactions.