What does PIN cashing mean?
PIN cashing is the fraudulent use of a credit card in order to have access to a banking account and its contents. It is a sort of identity theft, because the unauthorized user will use your personal information in order to have access to your financial resources. These unauthorized persons get hold of the necessary banking information, and then use it to “cash-in” amounts with the help of automated teller machines (ATMs).
Pin cashing is unfortunately a growing phenomenon within the US, where each year the number of fraud victims is significantly growing. The first safety measure one has to undertake is to keep his own banking information secure by reducing the number of online transactions which is the number one responsible for this type of fraud. But if, still online transactions cannot be reduced, always make sure the source is trustworthy and secured.