How Does A Bin Mastercard Number Protect My Credit Card?

Embedded within every credit card number is an identifying number to track account activity

. This unique number is referred to as the BIN number or the Bank Identification number. The series of numbers is found on credit cards, debit cards and even prepaid Mastercard accounts to ensure the highest level of protection for account holders. Used to identify and personalize the card, the first six digits are designed to identify the issuing bank and can be compared with databases to approve or decline transactions.

The Purpose of the BIN Mastercard Number

In addition to identifying the bank that has issued the credit card, the BIN Mastercard number is used to track purchases made with the credit cards for every transaction. This tracking system is an effective way to reduce credit card fraud, often enabling the bank to determine if the card is being used out of character, out of a certain geographical area and identify other factors that can signify credit card fraud.

Using these innovative features, financial institutions are able to reduce the instance of credit card fraud by identifying potentially fraudulent transactions and ceasing the activity on the card until the account has been verified with the account owner.

The Mastercard BIN number that is linked to the card comes with the ability to allow the credit card company to instantly track the purchases that are being made using the credit card. Customers can often have access to an instant approval from the linked accounts - beneficial in reducing the instance of credit card fraud.

BIN Mastercard Protection for Businesses

Not only do these BIN Mastercard numbers provide protection for consumers, as they are embedded into the credit card enabling transaction tracking, but the BIN Mastercard numbers provide protection for business owners. From small to large businesses, having access to these BIN numbers can reduce the financial loss that occurs from charge-backs and fees incurred from fraudulent transactions.

Online and brick and mortar business can access BIN databases to reduce the instance of fraud and gain the ability to instantly determine whether the credit card number being used in the transaction has a history of involvement in fraudulent credit card activity.

Companies are able to access databases that include the BIN Mastercard combinations to reduce the instance of fraudulent credit card activity. Using the up-to-database system, the highest level of protection can be identified with every transaction, as the company is able to verify the information of the customer instantly, reducing the instance of credit card theft and credit card fraud.

Customers using their credit card online or through traditional retail services can rest assured, knowing that the activities being logged on to the credit card are being tracked through the use of BIN numbers. Instant tracking can reduce the loss associated with credit card fraud, allowing the customer to shop safely and securely online, as well as through retail stores.

Every single credit, debit and prepaid Mastercard is equipped with this built-in number to increase the safety while using the credit card. Simply using the card enables the customer to remain protected, without extra cost or effort.

by: Gen Wright

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