Personal identification number

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Personal Identification Number

Commonly called a PIN. A password that a person uses to access an ATM with one's debit card, though they are increasingly being used for all debit card transactions. A PIN protects the person who owns the card from identity theft as well as the risk that a thief can steal the card and then use it without limit. Assuming the PIN is randomly generated when the card is issued and the potential thief has no other information, the thief has approximately a 0.06% chance of guessing the PIN when using the card. It was invented by James Goodfellow, who was also instrumental in developing the ATM itself.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Personal identification number (PIN).

A personal identification number is a combination of numbers, letters, or both that you use to access your checking and savings accounts, credit card accounts, or investment accounts electronically.

You also need a PIN to authorize certain debit card purchases as well as for identification in other situations, such as accessing cell phone messages.

A PIN is one way to help protect your accounts against unauthorized use since presumably no other person would know the four- to six-letter code you have chosen. PINs are not foolproof, however, if you don't take steps to ensure that your code remains private.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
To make the process truly paperless, CPAs must use a personal identification number (PIN) for the taxpayer.
A chip will contain information about name, address and personal identification number of its owner if any.
- Regularly change PIN (personal identification number) and password;
And we have his wife, Caroline, to thanks for coming up with the idea of the four-digit PIN (personal identification number).
A personal identification number (PIN) can then be created by customers to provide secure access to the application.
The FTB is adding electronic signature options to its e-file procedures, mirroring IRS procedures by allowing taxpayers and tax professionals to sign using a personal identification number. Beginning in January, the FTB will accept electronic signatures using Self-Select PIN and Practitioner PIN methods.
The programme means that, in 2005, the vast majority of face-to-face UK credit and debit card transactions will be authorised by the customer keying in their PIN (personal identification number) .
The system works by allowing shoppers to confirm their identity with a four digit personal identification number instead of a signature.
The RNIB say the pin pad is not accessible to people with a sight problem, those with arthritis in their hands, wheelchair users or people who have difficulty remembering a personal identification number.
Never write down your Personal Identification Number (PIN) and never disclose it to anyone, even if they claim to be from your card issuer or the police.
To ensure access only to approved substitutes, each is assigned a personal identification number.

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