realthienkhoi
When you process payments online, it’s important for you to protect your cardholder information, especially your payment card information. What you may not know is the value of the numbers on your credit card or your customer’s credit card. This article describes the first four to six digits on a charge card, also known as a Bank Identification Number (BIN), and how to prevent potential BIN fraud.
What is a Bank Identification Number (BIN)?
The term Bank Identification Number (BIN) refers to the first four to six numbers on a payment card. This set of numbers identifies the financial institution that issued the card. Thus, it maps the transaction to the issuer of the card being used. BINs can be found on a variety of payment cards, including credit cards, top-up cards, and debit cards.
BIN systems can help financial institutions identify fraudulent or stolen payment cards and help prevent identity theft.
How BIN works
The BIN system is a global identification system created by the U.S. National Standards Institute (ANSI) and the International Organization for Standardization (ISO).
BIN identifies the issuer to whom an authentication request will be sent when a card is scanned or manually entered. When a consumer makes a purchase, the issuing bank will receive an authorization request to verify both the legitimacy of the account and the ability to charge funds. If done correctly, the purchase will be approved. Otherwise, the issuing authority will reject the document.
When a customer makes an online purchase, he or she enters the card details on the payment page. After entering the first four to six digits of the card, the online store can identify the institution that issued the customer’s card, including:
- Card brand or key industry identifier (e.g., Visa, MasterCard, American Express, Diner’s Club)
- Card level, such as corporate or platinum
- Card type
- Issuing bank country
When a customer initiates a transaction, the issuer receives an approval request to ensure that the card and account are valid and that the purchase amount is available. In this process, the charge is approved or declined. Without the BIN, the credit card processing system would not know the source of the customer’s funds and would not be able to complete the transaction.
How to Find a Bank Identification Number
The Bank Identification Number is the first four to six digits of the cardholder’s number. It will indicate the major industries in which these cards are mostly used and the issuers of these cards.
The first digit of the card is the MII (Major Industry Identifier), which distinguishes the bank card from other cards. Most of the cards you encounter in your daily life are cards starting with 3, 4, 5 and 6. These are mostly numbers left over for use in banks and other financial industries.
Of course, there are other types of cards as well. Cards beginning with 1 or 2 are cards that are mostly used in the aviation industry. Cards beginning with 7 are used in the oil industry. Cards starting with 8 are used in the medical or telecommunications industry. Finally, cards beginning with 9 or 0 are set aside for assignment by the International Organization for Standardization (ISO) or another national standards organization.
When a major industry is identified, it should be easy to identify the card issuer, especially if it is a major issuer. The Visa IIN range includes all BINs beginning with 4. The American Express IIN range includes cells beginning with 34 and 37. The Mastercard IIN range includes BINs starting with 2221-2720 as well as 51-55. The Discover card IIN range is 6011, 622126 to 622925, 624000 to 626999, 628200 to 6288999, 64 Or include all cells beginning with 65.
Because of the way BIN works, the number of cells from 4 to 6 digits is limited. The issuer started creating an 8-digit BIN because it lacked a possible configuration. This does not change the length of the default account number (PAN), but rather the length of the other numbers used to identify a particular account.
Major brands such as Visa Card and Mastercard have already begun to move to eight-digit bins, with all visa BINs assigned after April 2022 consisting of eight digits. However, the relevant PCI compliance standards have not changed to accommodate this change. Current compliance standards allow PCI DSS to disclose only the first six and last four digits of the PAN. An 8-digit cell could potentially prevent an enterprise from accessing the cell for business transactions.
Benefits of a BIN
BIN is used to improve the speed and efficiency of settlement when making payments by check card or credit card. When a customer issues a card, the store’s payment processor scans the card slot and authenticates the account with the card issuer. This also determines whether the transaction is authorized and complies with relevant national laws.
How to protect BINs from fraud
BIN fraud occurs when a hacker uses a known cell and then randomly generates the last number. For example, a hacker might take a cell in the MasterCard IIN range, such as 2221, and generate the remaining 12 digits to generate thousands of potential card numbers. They would then check these randomly generated numbers online to try to find the actual card number. However, knowing how BIN works can help you spot potential BIN attacks.
Take a close look at a few small transactions, especially in volumes unusual to your business, as they may be fraudulent test cards. Also, pay attention to a few drops over a similar period. This may indicate that fraudsters are using the site to verify card numbers. An unusually high number of transactions may be an indication that the card number generated by the BIN attack is spam, especially if it occurs in a short period of time.
Why Cell Numbers Are Important
BINs allow merchants to receive multiple payments at once. They also greatly speed up payment processing.
BINs help banks and financial institutions identify damaged or stolen cards because they provide the type of card you use, the type of bank, and other information about the issuer and cardholder.
GIPHY App Key not set. Please check settings