subject: Bank Bin- Understanding Need And Method [print this page] The most under rated and pressing problem that the internet faces is the question of fraud. The lack of security over online transactions is a double edged sword which may cause sufficient concern, not only for the buyer but the seller too. For instance the use of credit cards and debit cards is the easiest prey to fraudulent methods. The security surrounding them for a long time has been minimal. This has been more so from the seller's point of view where the perpetrator of the fraud may actually swindle the seller of money that is rightfully his. This is the reason, why a Bank bin is of great use in supplementing online monetary security measures. The two obvious questions that follow such a statement are obviously what is a bank bin and how does a bank bin work?
What is a Bank Bin?
A bank bin is basically what constitutes the first six digits of a credit card or debit card number. BIN is an abbreviation for Bank Identification Number. This bank bin is a reference to the issuer of the credit or debit card in essence. However, this number can be used to obtain more than just the bank name of the credit card issuer. In fact it can be used to get a hold of information related to the holder or owner of the card and a list of transactions carried out before hand. The data is not over comprehensive and does not compromise the security of the credit card holder or debit card holder but a bank bin plays a vital role in ensuring that a seller is not compromised in terms of selling a product.
How is a Bank Bin used?
The use of a Bank Bin is not overly simple but it is hardly complicated either. A bank bin is used in combination with a program that organizes the use of the database of the bank bin. When a transaction is processed the bank bin of the credit card used or debit card used for that matter is entered into the bank bin database. The bank bin database then reveals the details associated with the credit or debit card holder including details of the last few transactions and the details of the bank of issuance and the details of location.
The Efficiency of a Bank Bin
The efficiency of a bank bin database is never really a hundred percent but it is seen that good databases are over 99 percent efficient. The numbers are really a good measure of the dependability of a bank bin database. The other thing that one keeps in mind when purchasing a database of bank bin entries is the cost. One must remember here that it is in most cases a one time investment and though the bank bin database puts a sufficient cost on security, there can be little question over the fact that it does succeed in providing it. Hence, the cost may well be a non issue for those who wish for security.
