subject: Bank Bin And Debit Cards [print this page] Debit card is known to be safer than credit cards, even though it also has a bank bin, because account holders are actually using their own money that exists in their bank account, without being issued of credit to spend. This is the reason why debit cards are used by a lot of people who have cash in the bank. Nevertheless, just like a credit card, a debit card also has a bank bin that can be located on the first six numbers of the card number, which is used as reference for the issuing bank and the account holder at the event when transactions are made through it.
Advantages of Debit Cards in Relation to Bank Bin
Debit cards, just like credit cards, are also secured by a bank bin for it to be verified through transactions in groceries, shops, and other facilities, both online and offline. Despite the fact that there are more credit card owners, debit cards are not regarded as lesser entities when talking about the implementation of secure transactions with a bank bin. Even though there is no credit given to a customer, the debit card still undergoes bank bin verification as it can also be used online, which is prone to fraud acts. These cards can make you access the funds you have stored in a bank account, something that provides less liability for a bank. Debit cards with bank bin security are much more convenient that writing postdated checks where it can be less time-consuming.
Why Bank Bin is Necessary with Debit Cards
Because debit cards provide direct access to your cash in the bank, it is only necessary that bank bin search could be conducted in order to make sure that the person who processes the transaction is one and the same. Also, online businesses need to use bank bin for debit cards to lessen the risks of chargebacks, which is common due to the level of clients that use this service. Just like credit cards, debit cards also need to become less conspicuous as chargeback magnets, which is why bank bin searching is necessary.
Debit Card Bank Bin and PIN Codes
Bank bin is still a requirement when processing debit cards because having the PIN is no longer a reliable avenue for account security. With advanced technologies that can replicate cards with varying PIN codes, it can be easy for thieves to cash out money without the knowledge of the true owner.
Therefore, a bank bin can compensate for what a PIN code cannot provide, which is protection and safety. Shops that do not use a bank bin for verification can become liable of charges when activities of fraud had been done in their business. They do not only end up being swindled, but they also feel worse knowing that this activity could have been avoided with the use of a bank bin.
When a bank bin database has been available for a business to use, it can confirm various data to the customer, without making it obvious that probing is done to validate some details.
