subject: Bank Bins Refer To The Use Of A Bin Or Bank Identification Number. [print this page] Bank bins refer to the use of a BIN or Bank Identification Number. This number comprises of the first six prefixed credit card numbers which mainly identify the issuer of a credit card. Merchants that receive credit cards for an online purchase must validate (with the help of bank bins) that the credit card is valid.
Validate purchases
It is very important that the credit card which a customer uses to make a purchase is validated with the help of bank bins. This is because credit card usage has risen sharply and the credit card is the most common form of payment to online sellers. The seller must ensure that the card that has been presented to them is valid.
Best Options
Bank bins are the best options for sellers who want to validate a credit card. The six digits prefix numbers are not just those which are taken from a credit card but they can also refer to debit cards, charge cards and even electronic benefit cards.
Bank bins, contrary to popular conception, are not meant solely for the banking industry because they can be used by institutions such as American Express. More and more credit card issuers are making use of bank bins.
At one time, bank bins were also referred to as IINs or Issuer Identification Numbers. With the help of bank bins, it is now much easier to find out whether there has been a security breach or if someone is trying to rob your identity. Bank bins help in comparing the credit card that a customer uses with the information related to that credit card which is stored in a BIN database.
This BIN database holds information related to the country where the issuer of the credit card is located and also the address of the person that owns a credit card.
Bank bins are actually nothing more than the main account numbers of credit and other bank cards. The numbers used in bank bins are part of an internal structure and have much in common with certain schemes of numbering cards.
Unique numbering
Since each and every credit card has a unique number, it is possible to take the first six numbers and use them as a means of identifying the credit card. Bank bins therefore have to make use of these six numbers and the information about the credit card will be stored in a BIN database.
The other numbers that form the credit card number are used to identify a particular credit card. These numbers are also unique which means that no other credit card can have those numbers. If a match exists (after using bank bins), then it means that the second credit card is a fraudulent one.
Online merchants need to be aware about how bank bins can help them prevent credit card fraud. By using bank bins to obtain information about a credit card, merchants can do a lot to entirely eliminate the possibility of a fraudulent credit card getting through. Bank bins are therefore very important to the merchant who needs to use it to the fullest extent possible.
