Your bank card PIN is the key to your financial freedom.
That four-digit number that you enter to withdraw cash from an ATM or make a purchase with a debit card is called a personal identification number (PIN). But be warned! If your PIN is lost or stolen, the thief can simply withdraw money from your account and cause you a lot of loss.
The Federal Trade Commission reported that identity theft and fraud were most common in 2020 and credit card fraud was the most frequent subtype of identity theft. Therefore, it is crucial to know how to choose a good PIN and how to protect it when using an ATM or a card reader, as well as when shopping online or by phone.
In this article, we are going to explain how to choose a good PIN, how to make sure that it is safe when using ATMs and card readers, how to protect it when shopping online or by phone, and what to do if you think that your PIN has been stolen.
How to Choose a Good PIN
The first line of defense in the protection of your bank card PIN is to choose a good one. A good PIN is not only one that is easy to remember, but one that is hard to guess. Here are some tips for choosing a good PIN:
- Do not use your personal details such as birth date, phone number, or address.
- Enter numbers that are not related to each other. For example, instead of using 1234, try 2589.
- Some banks allow combining letters and numbers in the PIN that makes it almost impossible to remember.
- It is advised that you should change your PIN from time to time to prevent anyone who may be watching you while entering the PIN.
The following are the steps that you should follow in order to come up with a good PIN that is quite difficult to guess.
How to Choose a PIN for ATMs and POS Terminals
It is very important to be careful with the PIN when using ATMs or POS terminals. Here are the precautions to take when using your PIN in these machines:
- Hide the keypad when entering your PIN; this helps to prevent someone from watching you type it.
- If someone is too close to you, tell them politely to keep off.
- It is better to use ATMs and terminals that are located in the well-lit areas; this makes it difficult for someone to make alterations to the machine and go undetected.
- Check if the machine has been altered in any way; if it has, do not use it! Report such cases to the bank or store.
By taking these precautionary measures, your PIN will be safe when transacting.
How to Choose and Protect Your PIN when Shopping Online or by Phone
It is also important to secure your PIN when shopping online or by phone. Here are a few tips to help keep it safe:
- Always use your PIN on secure sites only. Look for the padlock icon and make sure that the URL of the site starts with https.
- Never divulge your PIN to anyone; legitimate banks won’t ask for it by phone or email.
- Secure your online accounts with a strong password; this adds another layer of protection against unauthorized access.
- Be wary of phishing attempts—these come in the form of emails or texts posing as your bank or legitimate businesses but are designed to steal your personal info.
The following guidelines will help you keep your PIN secure when shopping online or by phone.
What to Do If You Believe That Your PIN Has Been Stolen
If you have any reason to believe that your PIN has been stolen, then do the following:
- Inform your bank immediately to enable them to suspend your account and send you a new card and PIN.
- Check your account for any unauthorized transactions and inform your bank about them if there are any.
- Change your PIN for other accounts that had the same PIN as well.
- Watch your credit report for any unusual activity.
These steps can be helpful in case your PIN has been actually stolen.
Conclusion: Protection of the Bank Card PIN.
In general, it is very important to protect your bank card PIN in order to prevent someone else from using it and making unauthorized purchases or transactions. Thus, wise choices for picking a hard-to-guess PIN, hidden PIN while using an ATM or making purchases at stores, and proper handling of the PIN during telephone or online purchases can help to prevent fraud. When you think that your PIN is lost or stolen, it is better to act quickly to minimize the damages that may occur. Following these steps will help you reduce the likelihood of putting your money and comfort at risk.
Responsibly Usage of Bank Cards PIN: Some tips to avoid fraud.
