A PIN, or Personal Identification Number, is a secure numerical code used to verify a cardholder’s identity during debit or credit card transactions. Typically composed of four to six digits, the PIN is unique to the cardholder and is entered at a PIN pad or ATM to confirm that they are authorized to access the associated bank account or credit line. By requiring a PIN, financial institutions add a layer of security to prevent unauthorized transactions, ensuring that only the cardholder can complete the transaction.
PINs play a vital role in transaction security, especially in high-risk environments, with over 90% of debit card transactions globally requiring PIN authentication for added security. Research indicates that PIN-protected transactions are three times less likely to result in fraud compared to signature-based verifications. Example: A large bank in Europe reported a 40% reduction in ATM fraud following the implementation of enhanced PIN requirements, proving the effectiveness of this authentication method. Insight: With the growth of EMV chip technology and PIN entry in the U.S., merchants and banks are seeing marked improvements in payment security, particularly for high-volume transactions in industries like retail and hospitality.
Swipesum helps businesses implement secure PIN management solutions as part of a comprehensive payment processing strategy. From setting up compliant PIN pads to integrating PIN-based authentication with your POS systems, Swipesum ensures your business is equipped to handle secure, PIN-verified transactions seamlessly. Our team provides support for compliance with PCI and EMV standards, so your customers feel secure, and your business is protected from fraud-related losses.
