Cardholders | ATM Related Terms

ATM-Related Terms

• ATM (automated teller machine) - a machine used for financial services, including account withdrawals and deposits, balance inquiries, transfers, and other services. Customers access an ATM by using an ATM card, debit card, credit card, or electronic benefits transfer (EBT) card together with their PIN.
• Debit card - a card used to directly access a checking or savings account by using an ATM or to make PIN purchases through a merchant that accepts Visa® Check or Debit MasterCard®. Debit cards can also be used to make purchases from a merchant with an authorized signature instead of a PIN, when the merchant is a Visa® Check or Debit MasterCard® point-of-sale (POS) location.
• EBT (electronic benefits transfer) - the electronic payment of public benefits, such as welfare or food stamps, to recipients. Funds may be accessed by recipients using an EBT card and PIN at designated ATM and POS locations.
• PIN (personal identification number) - an identification code used by the customer to authorize ATM, debit, or EBT card transactions. The unique identification code may be preassigned by the financial institution or selected by the customer if the financial institution offers that service.
• POS (point-of-sale) network - the capability of stores to provide consumers the option of using their credit, debit, ATM, or EBT card to make purchases. Some POS systems require use of a PIN; others require a customer's signature.
• Phishers - fraudsters who present themselves as legitimate businesses in an effort to trick you into divulging your Social Security number, account numbers, passwords, and other sensitive personal data. Hiding behind the anonymity of the Internet, they send out official looking e-mails pretending to be financial institutions, credit card companies, online service providers, or retailers. They try to convince you there is an immediate need to update your financial or personal information.
• Phishing - an e-mail scam involving phishers. The e-mail originates from phishers and tries to convince you there is an immediate need to update your financial or personal information.
• Pharming - the name for an activity in which a hacker acquires access to your computer for the purpose of redirecting Web traffic to another site. This Internet crime seeks to obtain passwords, user names, and other access credentials to ultimately gain knowledge of private personal data, such as a PIN and account numbers.