Credit Card Faq – Credit Card Security And Authentication

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With the ever rising reports of credit card fraud, fraudulent use, internet phishing and identity theft, people are rightly concerned about credit card security. Fraudulent credit card use can be an annoyance at best, and seriously damage your credit at worst. It’s only reasonable that people have questions about credit card security and authentication methods. Here are some of the most frequently asked questions about credit card security.

1. How does the ATM or store terminal know my PIN number?

PIN (personal identification numbers) are the most often used way to authenticate your identity when you use your credit or ATM card. When you first choose your PIN number, it is ‘encrypted’ – stored in a secret code of letters and symbols – and either stored in a database or on the magnetic stripe on the back of your card.

2. If my PIN number is stored in a database, doesn’t that mean that bank or credit card employees have access to it?

The encryption method that’s used by ATM and credit cards is called ‘one-way encryption’. It makes it easy for the bank’s computer to verify the PIN given the...

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