What’s a PIN?

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A PIN is a unique numeric code used to secure financial and other secured systems. It is usually four digits and only the account holder knows it. PINs are used to access ATMs and perform various account transactions. It is important to keep them private and secure. When selecting a PIN, it is best to choose a random number and avoid familiar numbers or patterns.

A personal identification number (PIN) is a unique numeric personal code or password that is often linked to financial accounts. Banks and credit card companies use these numbers to secure financial information, but they can also be found tied to student loans, utility accounts, and other secured systems. A PIN is usually four digits that only the account holder knows. When the account holder wants to access the information, they can enter the number along with another form of identifying information, such as a password, account card, or name.

Most consumers are familiar with PINs because they are used to access ATMs. A customer inserts a bank card into an ATM, enters the number when prompted, and then makes any necessary changes, deposits, or withdrawals to the account. By linking the bank card with a PIN, the bank secures the information it contains if the bank card is lost or stolen. Most banks automatically assign numbers to their customers, although they can also be set manually.

A PIN number is very useful for quick access to secure information. Assuming a consumer keeps it private, the number can be used to pay bills, check account balances, transfer funds, or perform a variety of other account transactions. Having one also means that the client does not have to use their Social Security Number as a means of identification. Since identity theft is a concern for many people, this alleviates a number of fears.

If a pin is randomly assigned, a customer must memorize it and shred the receipt with the number. If someone is worried about forgetting their PIN or wants others to have access to it in an emergency, he or she might want to store it in a secure area like a safe or deposit box along with other vital information. Under no circumstances should anyone carry the number with other account information, in case the person’s wallet is lost or stolen.

People who have the option to select their own PIN should try to pick a random number. A phone number, part of a government-assigned identification number, or any other familiar number should be avoided. People should avoid patterns, such as 5445 or 1234, because they are easier to guess than sequences of random numbers. People who have difficulty choosing may want to use a random number generator and remember to keep the number in a safe place if it is written down.

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