A debit card PIN(personal identification number) is a four digit secret number or code which is given to the customer at the time of issuing a debit card for the purpose of security. The debit card is valueless without the debit card pin.
The debit card PIN pad consists of a series of numbers and some other buttons like “Menu”, “Enter”, “Cancel”, etc.,.
A transaction using a debit card PIN is called an online debit card transaction. The debit card PIN authenticates a transaction. With the help of a debit card one can make purchases from any ATM (automated teller machine)terminal or shop(point of sale).
The debit card PIN is required to be entered when making purchases. This debit card PIN is card specific and customer specific. Prior to using a debit card the customer is required to activate ones debit card by entering the debit card PIN which comes in a sealed envelope.
It is advisable to change the debit card PIN at regular intervals to avoid theft. It is assumed that a transaction using a debit card PIN is more secured than a signature based transaction but several were reported where debit card holders were ripped off their money due to debit card PIN theft or disclosure.
There are few tips to save ones money from being drained out by taking care of the debit card PIN.
One should not give the details of the debit card PIN over the telephone no matter how reliable the person is.
The debit card PIN should never be written on a postcard, envelope or a piece of paper which is left unattended or have the possibilities of being lost.
One should always check the debit card transactions before entering ones debit card PIN.
Transaction involving the debit card PIN is generally preferred by retailers and merchants over signature based transaction because the retailers or the merchants have to pay less for accepting a debit card.
Comparison between debit card PIN based and signature based transaction will continue but one cannot deny that both methods have their own advantages and lacunae.