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Bank Identification Number (BIN) is part of a numbers located on a plastic card. In most cases, it used to identify the bank within the card payment system for authorization, clearing and processing. BIN defines not only the payment system, but also the type of card within this payment system.

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Have you ever heard that according the world’s statistics the turnover of fraudsters committed with credit cards is about $ 5.55 billion? Since 2003, new type of Internet-based credit card fraud hits the banks in Australia, these practices become more wide-spread and smarter. Nowadays BIN numbers checkers become more and more popular with banks, financial institutions and merchants due to several reasons. Most of the banks tend to use this function to verify submitted data. On the other hand, merchants use BIN lookup to turn down fraudulent activity. The thing is that these figures of the credit card number denote extremely important data to operate payments too. For instance, if the number of the credit card does not match to the information in Banking Identification Number, company has to be in two minds and to check carefully the data again before proceeding to payment.

Detailed information regarding BIN numbers of credit card

Bank Identification Number (BIN) identifies the institution to which the card belongs. Usually BIN of the credit card consists of six figures. The number of any bank code begins from BIN which is factually included in the bank card number. Each of the 6 figures of the BIN has its own specific meaning. Thus, credit cards are issued in different ranges of BIN values. Scammers can get one original card and use computer programs known as "generators" to create a certain number of valid cards, which is achieved by changing the last four digits of the card. The source of information for criminals can be an online transaction or just a stolen credit card. The validity of these generated cards will coincide with the validity period of the original card. BIN number lookup gives completely full information about the issuing bank and the payment system used by the bank identifier. By the way, BIN is widely used in money transmission services to identify the bank within the card payment system. So what do these numbers exactly mean, we will tell in the next paragraph.

The structure of the BIN

As far as the first number of the BIN goes, it indicates on the type of payment system that serves the issued card. It could be represented in the following list: ISA-4, American Express - 3, MasterCard - 5, Maestro - 3, 5 or 6, JCB International - 3, China UnionPay – 6 etc.

The next figures are from the second to the fourth numbers are showing the characteristics of the bank that is formed by the payment system.

The fifth and sixth BIN numbers connected with the category of banking product. It actually means that it could provide with additional information that is issued to the credit card.

All in all, the awareness of the first six numbers of BIN CC gives opportunity to get some information unassisted.

Advantages of BIN

The thing is that the BIN database system is truly useful and essential for every commercial enterprise, which calls into action plastic cards on a regular basis. The usage of BIN implies not only a fast transaction on any credit card, but also quick transaction on its paying. Knowing the list of BIN, there is likelihood to reduce the risk of fraud. Credit card BIN checker is virtually effective with respect to the benefit of companies and consumers. BIN lookup seems to be really helpful in determining who issued the card, the country of issuance of the card, the type of card, the card issuer bank, the card level.

Internet fraud

When the consumer does shopping through the Internet actually the card is not available to verify its authenticity. Scammers use this “brilliant” opportunity to deceive both the cardholder and merchant. They pay for purchases using stolen cards or simply information about credit cards. Since the merchant does not see the credit card, he cannot determine its ownership. Once a person understands that his or her card has been compromised, he can claim the return of illegally spent money. It is unlikely that the merchant will receive compensation for his losses, at least until the scammer is caught.

As for the carding, it is the kind of fraud in which an operation is performed using a payment card or its details, not initiated or not confirmed by its holder. Payment card details, as a rule, are taken from hacked servers of Internet shops, payment and settlement systems, from personal computers or are stolen by means of phishing or skimming.

Concluding words

BIN is the special tool that helps to make a step toward creating the mechanism in which payment transactions can be effectively provided. This is as a technological as well financial step in the right direction. As a matter of fact, BIN gives a golden opportunity to stop fraudulent payment transactions that contribute to losses of tens of billions of dollars each year. So, use BIN look up, BIN checker and BIN search to avoid fraud, to find out the native country of the credit card, its bank, type, category etc.

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