When I applied for my credit card a box was available asking if I wanted a PIN with my card which would enable me to draw money at cash machines. I left the box unticked. PINS are now being issued automaticaly whither you asked for one or not.
Other than obtaining 'expensive' cash from an ATM I wonder if anyone can give me one good reason for having a PIN with my credit card.
Here are some of the reasons why I am BINNING the PIN.
- If your a victim of fraud with a PIN before you report the card lost or stolen then you have to prove you weren't negligent with your PIN. You can deny a signature, but it's a lot more difficlut to deny not being negligent with your PIN.
- Issuing PINs with Credit Cards is easy access to cash for the weak willed.
- UK Chipped cards can still be cloned an used overseas within hours. (This is because they are retaining the magstrip and you can use a cloned card with PIN at overseas ATMs).
- How do you catch an ID thief thats obtained a genuine card and PIN? The worst that can happen to them is that their card is withheld at an ATM. An idication and warning to them that they've been rumbled.
- PIN Security or lack of. At least one card company (SAGA) suggests that you change all your cards to the same PIN! Look at the design of floating PIN Pads (Chip & PIN Video). It is suggested you enter your PIN with one hand and cover the pad with the other. Unfortunately you need a third hand.
- PIN Confidence, Crooks are acquiring PINs through shoulder surfing, bogus calls, phishing on the internet and using micro cameras. Very difficult to prove your not negligent with your PIN.
- Report on the Northampton Trial page 6, 'A PIN proves that the cardholder is the genuine owner.'
- Safeway customers love it. I checked in my local Safeways, this was the reply from customer service - don't' worry if you've forgotten your PIN, you will be timed out and all you do is sign per usual. Lots of customers are timed out. By the time they dig their pin from out of their handbag they end up signing.
If your sent a PIN phone your card company and ask them to disable the PIN. (Capitol One confirmed today that they can put a block on a PIN on the cardholders instructions, and the cardholder can continue to sign). Send your PIN back un-opened to your card issuer, they will soon get the message.
James