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 ?
"When obtaining new passports they changed their last and first names, personal identification numbers, which allowed citizens to disguise information discrediting them.
He said: "We always advise people not to give out their personal identification numbers under any circumstances - the lady was very wise."
A number of schemes and standards have been devised, including personal identification numbers (United States Environmental Protection Agency, at 40 C.F.R.
Romulo said, 'The rampancy of incidents of the so-called card-skimming, where hundreds of millions of pesos are lost by bank customers to syndicates involved in the duplication of cards and acquiring the personal identification numbers (PIN) of unsuspecting ATM cardholders, is now alarming.'
"The given registration system of citizens will use unique personal identification numbers that are designated to each citizen of the country.
Log-in passwords and personal identification numbers for order executions, however, have to be input through the keyboard, the company said.
Victims in the States have been persuaded to supply all their banking details, including confidential personal identification numbers, so that their money can be transferred into "a safe account".Duped account holders find out too late that they've been robbed.
Personal identification numbers of 85.4% of Kyrgyzstan's voters have been clarified in order to update the lists of voters and exclude duplication in the Unified Voters Registration System, the press service of the Central Election Commission of Kyrgyzstan reported on October 8.
The personal identification numbers and card security codes were not accessed, the company said.
Mr Hunter warned against divulging details of account numbers, personal identification numbers or any other relevant information to people they do not know.

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