subject: Bin Lookup And Methods [print this page] In our modern world, the number of people that do not use money to complete a transaction is growing day by day. The most preferred payment mode these days is either a credit card or a debit card or even a gift card. In order to stay safe when using these payment methods, one should think about the reasons why it makes sense to perform a bin lookup.
Credit cards are the preferred option
People prefer using credit or debit or even gift cards to complete a transaction for many different reasons. A card is certainly much more convenient to use than cash, though at the same time there are numerous risks involved in using cards. With a bin lookup, it becomes possible to minimize the risks involved in using cards. The trouble is that not many people are really aware about what a bin lookup is and how a bin lookup can prove to be very useful.
BIN or Bank Identification Number is something that every card user needs to be aware about. So, before you actually make use of a bin lookup, it is important that you understand the working and meaning of a bin.
In the beginning, the BIN was referred to as an IIN or an Issuer Identification Number. Essentially, there is not much difference between the two as they each identify a correct and valid card issuer.
A bin lookup is something that one should understand and learn to use in the correct manner. A bin lookup refers to use of the first six digits of a credit card or a debit card. The remaining card numbers have to be very unique as they will be used to compare and identify the card.
Unique numbers for each credit card
Once an online merchant or the person who owns the card has their unique card then they can rest assured that no other card can be used with the same unique numbers. A bin lookup and BIN both help in preventing fraud. With a unique set of card numbers, there is very low chance that another card with the same numbers can be used to defraud the legitimate card holder.
Keeping track of transactions
Essentially, a bin lookup keeps track of all transactions that are being made on a particular debit or credit card. If a merchant needs to check these cards, all that they need to do is perform a bin lookup and in this way can tell whether the card that the customer is presenting to them is valid or not. In most cases, this can help in preventing credit card fraud.
A bin lookup also throws up plenty of useful information regarding the bank that issued the card and will also reveal the name of the country in which the card was issued. A bin lookup also provides information regarding the telephone number which the issuer of the card is using. No confidential information is ever revealed when you do a bin lookup. This is done in order to satisfy the card holder that their most personal details cannot be revealed through a bin lookup.
The good news is that a bin lookup will allow a customer to enter into transactions in the online world as well as in the offline world in the safest manner possible. This is why merchants that conduct their business online do not have to worry too much about being defrauded by those who want to use a fraudulent card.
