Electronic Payment Nigeria: Pin Security Basics

Electronic Payment Nigeria: Pin Security Basics

We have provided for you on this page types of payment system in nigeria PIN is an acronym for Personal Identification Number. It is a sequence of characters and number which if entered into an electronic payment channel such as a POS terminal or an ATM machine, would grant you (user) access to your bank account information.

So, if a third party should peradventure be privy to your PIN, such a fellow could easily access and make use of your bank account. If your credit/debit card is a chip-based card then, the unauthorized third party the fraudster will need to have access to your card. But If yours is not chip-enabled card, then the unauthorized third party will only need your PIN to access your bank account.

electronic payment nigeria

So, here I will be doling out some tips on protecting yourself from the negative aftermaths of a compromised PIN.

Your PIN, just like your signature is the passcode to your account, which authorizes several activities such as withdrawals from your account.

Replacing the manual signature, a PIN provides a set of/combination of characters which is referred to as password or a passcode as in e-gold system. The name notwithstanding, they are all signatures, electronic signatures to your account.

So, just like you would change your signature on suspicion of an unusual activity with your account, same applies to your PIN.

There is an increasing rate of Identity theft in this country today, so you should be security conscious, knowing that the first target will be your PIN. So, here are a few tips to help you secure your PIN.

Electronic Payment Nigeria: Pin Security Basics

Change your default Pin as soon as the card is issued to you

Upon receipt of your Debit card from the bank, you are given a default PIN. Please try to change this into a personal PIN by Simply slotting it into an ATM machine and select theĀ change PIN option.

The safest place for your Pin is your memory/brain

The best, safest place to store your PIN is in your brain. Don not keep any paper trails of your PIN and all other confidential details with which your information can be traced.

Change Your Pin occasionally

On the internet, there is a security tip that you should change your password every six months. This is not a bad tip for your account access Pin either. The longer you use your Pin, the greater the chances of it being compromised.

Change your Pin if you have any reason to believe that it has been compromised.

Just like you will change your signature, if you suspect unusual activity on your account, you are most likely to change it. So, similar applies to changing your PIN if you experience unusual activity on your account. You can easily do this on an ATM. If you lose your debit card, simply contact your bank to help you block the card.

Do not reveal your Pin to anyone

Fraudsters have a way of trying to get your PIN, but you must be vigilant and careful. If someone you do not know sends you a message requesting for your PIN, please do not give. That could be a fraudster trying to access your account, using flimsy excuses.

Disclose your PIN to a third party only on your consent.