Because readers in PostgreSQL
    don't lock data, regardless of
    transaction isolation level, data read by one transaction can be
    overwritten by another concurrent transaction. In other words,
    if a row is returned by SELECT it doesn't mean that
    the row is still current at the instant it is returned (i.e., sometime
    after the current query began).  The row might have been modified or
    deleted by an already-committed transaction that committed after this one
    started.
    Even if the row is still valid "now", it could be changed or
    deleted
    before the current transaction does a commit or rollback.
   
    Another way to think about it is that each
    transaction sees a snapshot of the database contents, and concurrently
    executing transactions may very well see different snapshots.  So the
    whole concept of "now" is somewhat suspect anyway.
    This is not normally
    a big problem if the client applications are isolated from each other,
    but if the clients can communicate via channels outside the database
    then serious confusion may ensue.
   
    To ensure the current validity of a row and protect it against
    concurrent updates one must use SELECT FOR UPDATE or
    an appropriate LOCK TABLE statement.
    (SELECT FOR UPDATE locks just the returned rows against
    concurrent updates, while LOCK TABLE locks the
    whole table.)
    This should be taken into account when porting applications to
    PostgreSQL from other environments.
    
Note:       Before version 6.5 PostgreSQL used
      read locks, and so the above consideration is also the case when
      upgrading from PostgreSQL versions
      prior to 6.5.
     
   
    Global validity checks require extra thought under MVCC.  For
    example, a banking application might wish to check that the sum of
    all credits in one table equals the sum of debits in another table,
    when both tables are being actively updated.  Comparing the results of two
    successive SELECT SUM(...) commands will not work reliably under
    Read Committed mode, since the second query will likely include the results
    of transactions not counted by the first.  Doing the two sums in a
    single serializable transaction will give an accurate picture of the
    effects of transactions that committed before the serializable transaction
    started --- but one might legitimately wonder whether the answer is still
    relevant by the time it is delivered.  If the serializable transaction
    itself applied some changes before trying to make the consistency check,
    the usefulness of the check becomes even more debatable, since now it
    includes some but not all post-transaction-start changes.  In such cases
    a careful person might wish to lock all tables needed for the check,
    in order to get an indisputable picture of current reality.  A
    SHARE mode (or higher) lock guarantees that there are no
    uncommitted changes in the locked table, other than those of the current
    transaction.
   
    Note also that if one is
    relying on explicit locks to prevent concurrent changes, one should use
    Read Committed mode, or in Serializable mode be careful to obtain the
    lock(s) before performing queries.  An explicit lock obtained in a
    serializable transaction guarantees that no other transactions modifying
    the table are still running --- but if the snapshot seen by the
    transaction predates obtaining the lock, it may predate some now-committed
    changes in the table.  A serializable transaction's snapshot is actually
    frozen at the start of its first query (SELECT, INSERT,
    UPDATE, or DELETE), so
    it's possible to obtain explicit locks before the snapshot is
    frozen.