Why Businesses Should Keep A List Of Bank Identification Numbers

The BIN list or BIN database, the one that serves as the primary source of credit

card information by businesses and banking institutions today, embraces a list of bank identification numbers that credit cards marketed around the world hold. The list of bank identification numbers is essential in determining whether a transaction made through a certain credit card is fraudulent or not. The list of bank identification numbers or BIN is an independent list that basically contains all the bank identification numbers of credit cards and the identification information of the bank that issued the credit card. The most updated list of bank identification numbers there is on the web today has over 250,000 records of bank identification numbers that are key in the assessment of every credit card transaction made.

What is the Essence of the List of Bank Identification Numbers?

Through the list of bank identification numbers, merchants are able to know the issuer identification number (IIN) which is known today as the bank identification number (BIN). The BIN identifies the banking institution that issued the card to the credit card owner as well as the credit card holder himself. The list of bank identification numbers also determines the type of card issued by the bank, whether it is Visa, MasterCard, or American Express. By looking at the list of bank identification numbers, one would see how these credit card types are classified based on the first four digits of their bank identification numbers. Also, through the list of bank identification numbers, one would be able to know the issuing bank of each credit card, its issuing country and brand.

How the List of Bank Identification Numbers Work For Businesses?

Basically, the role of the list of bank identification numbers is to help businesses in fraud prevention. Having a list of bank identification numbers is necessary especially for businesses that accept payment transactions through credit cards. Because many people are already experts in making fraudulent transactions using credit cards, the list of bank identification numbers will serve businesses best in shielding themselves against such frauds. Because the list of bank identification numbers offer updated and valid information about credit cards and other card types, it serves as an effective fraud protection measure to stop fraudulent people from taking advantage of stolen credit cards.

How Does the List of Bank Identification Numbers Help in Fraud Prevention?

The list of bank identification numbers basically provide merchants easy access to all the important information that he needs to know about the credit card presented to him. Thus, the list of bank identification numbers will help him in determining the identity of the credit card as well as the veracity of the transaction being made by the individual presenting the card to him. Through the list of bank identification numbers, the merchant is also able to get rid of transactions that are likely to be fraudulent and take a toll on their assets. Indeed, getting a hold of the list of bank identification numbers is one of the most recommended fraud prevention measures to businesses today.

by: Gen Wright

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