Significance Of Bin Bank Identification Number

Verifying card transactions would never have been easy had it not been for the bin

bank identification number marked by the first six digits of the card. A suspicious case of fraudulent transaction or identity theft can be rejected by verifying bin bank identification number.

Bin Bank identification number constitutes the first four to six digits of a card. The bin bank identification number helps to identify the financial institution issuing the card. The system is same for all debit, credit or charge cards. All master cards, American Express, debit cards and Discover credit cards carry a unique bin bank identification number.

However the bin bank identification number verification will be accurate only if the records are complete and updated. The bin bank identification number can be incorporated into website shopping services, credit card authorization system, accounts payment system etc. This will help in live verification and better security measures to be taken to prevent fraud.

The bin bank identification number is usually stored in the bin database in csv format. The numbers alone are meaningless unless the records contain complete information in all the necessary fields. Computer generated data cannot yield any information unless the fields are accurate.

Checking the bin bank identification number can be advantageous in many ways. Verification can determine whether the card is debit, credit or charge type. The merchant can also ensure that the card is valid for sale or purchase within the country. Some bin databases with accurate bin bank identification number provides further details on cardholder about the status of the card.

The bin bank identification number database needs to be in a format which is easily retrievable, makes sense, accurate, verifiable, and configurable with the accounting, security and other software in use. The bin bank identification number is obtained mainly from the merchants, financial institutions issuing the cards, and computer generated data. The first number of the six digit of the bin bank identification number represents the type of card whether visa, master, discover card etc.

3 represent American Express cards whereas those starting with 4 are Visa cards. Master cards start with 5 whereas discover cards start with 6. The second number indicates the purpose of the card like whether it is a gold type, classic, or business card etc. The third number indicates the issuing institution name. The fourth field contains the contact details of the bank. The next numbers following represents the country of origin.

Though the bin bank identification numbers provide enough information to warn the merchant of fraudulent transactions, most lookup tools offer the final choice of accepting or rejecting the transaction to the merchant. However, a bin database search is apt for any entrepreneur who wishes to secure finances without losing his customer base. Also the bin search is perfectly legal and the data is not transferable to third parties nor can be used for any malpractices. Investing in a bin bank identification number will therefore be of considerable worth whether it is a small, medium or large industry.

by: Gen Wright

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