With an estimated 1.7 million Australians experiencing card fraud from 2021 to 2022, safeguarding personal finances is critical.1 Personal identification numbers (PINs) may help, which help verify identities during transactions.
Explore the role of PIN numbers in financial safety here.
A personal identification number (PIN) is a unique authentication code used in various transactions, including withdrawing money from an ATM or making an online purchase.
But what’s the difference between PIN vs. password? Though both can function as security measures for financial transactions and other services, they may vary in:
Though PINs are primarily associated with different types of payment cards, some other common personal identification number types include:
A credit card PIN is associated specifically with a credit card. While not all credit card transactions require a PIN, they add a layer of protection.
Here's how credit card PINs compare to other measures:
Chip and PIN cards can be a safer way to use a debit or credit card, especially compared to older magnetic stripe cards that only require a signature.
But how do chip and PIN cards work?
Chip and PIN technology typically employ advanced features to bolster security, including:
Ready to safeguard financial assets and personal information? Use these tips to create a PIN number that's both secure and easy to remember:
Learn about PayPal online security and how to make secure transactions with PayPal.
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