Password Way of Management
I need to withdraw money from the ATM using my debit card. I go to the ATM, take out my card, swipe it in the machine, enter my PIN-ID, enter the amount I need to withdraw and I got money. This is the ATM Way of Management. You create a one-to-one relation between the account, the card and the PIN-ID (anyone can withdraw money provided he / she has the card and the PIN-ID). It is normally used for some amount of security is required. It is commonly followed in:
- ATMs
- Internet Banking
- Using Railway / Airport Tickets using Net Banking (where you need an identity proof in addition to the Railway / Airport Ticket)
- Using your credit-card where in addition to your card, your sign is matched with the sign on the card
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