123chargeback/Blog/What Is A Credit Card BIN | Read This And Find Out How It Will Help You Fight A Scam

What Is A Credit Card BIN | Read This And Find Out How It Will Help You Fight A Scam

credit card bin

Cash is less used to pay for goods and services. It was credit cards that took their place. When you lose a card, the bank advises you to block it and issue a new one. However, if the card is found, many people continue to use it. Have you ever wondered that it is not safe? Look at your credit card and note the first 4 digits. This is a bin code and we want to talk about it today. We will discuss what is a bin number credit card bin? Why is it important? And how can it help the merchant to complete the transaction? We hope that you will find the answers to these important questions. Enjoy the reading!

What is the BIN number on a credit card?

The bank identification number was developed by the American National Standards Institute and the International Organization for Standardization. This number is the ID of the card. It can be found on credit and debit cards. It should be noted that not only banks can issue such cards. Therefore the number has another name, the issuer identification number (IIN). It helps the merchant with a 100% chance of matching the transaction with the card issuer. You can also see the BIN numbers on electronic gift cards. What is the purpose of such codes and do they mean something?

Using the BINs credit card, you can find out not only the brand of the card and the industry of the issuer but also the type of card. It is a unique and universal identifier among issuing banks. Let’s find out more about this.

BIN number: meaning

While reading this part of the article, we want to ask you to take your credit card. Don’t worry, you don’t need to send any data, we are not scammers. Thus, it will be more convenient for you to perceive the information. What seems at first glance to be just a set of numbers is not always so. Pay attention to the card number. The first 4, and in rare cases the first 6, is a credit card BIN number. This indicates all the necessary information about the bank. For example, for what purpose the card was issued (for personal funds or payroll), which bank issued the card, the type of card, etc. The rest of the numbers, which are not BIN codes, are the identification numbers of individual accounts.

How does a BIN code credit card work?

bin credit card

When you know what is a BIN number, it is time to find out how does it work. One of the main principles of their work is to help protect against fraud. Sellers have the opportunity to evaluate the payment and at least get the bank’s contact information. Such a system also helps to speed up the payment process. This is how it works:

  • you pay for the product with a credit card;
  • the issuer who received the request for the payment card transaction is identified;
  • comparison of the purchase amount and how much do you have on the bank account;
  • approval or rejection of the transaction.

Important! Transactions are not possible without a BIN verification credit card.

If you have an electronic gift certificate, the procedure is even easier. Such a card is scanned from your phone and the information received concerns the cardholder and for what amount. Probably, having learned about how such a code works, you might have the following one, how to get a BIN number? If we are talking about a credit or debit card, then it is obvious that the code will be automatically generated by the issuer where you contact. Gift certificates are bought online through the store’s official website. And already this store assigns a BIN.

BIN credit card: other uses

Agree that having additional security measures always increases the seller’s reputation. Such a measure of protection can be the use of a BIN number, for example, to maintain low rates of chargebacks. Such measures can be called bank card BIN finder credit card, which means to look through the credit card BIN list for double verification. It increases the level of protection against fraudsters. Sellers can also receive information about payment refusals, identify the gender and age of buyers. Knowing the type and model of the card, the seller can organize special promotional offers for the holders of such cards. Personalized birthday discounts are a popular move to attract customers. If you correctly read the information on income and costs and develop a system of promotions and offers, there is a high probability of increasing the profit for the seller. Now that you know another way to use BIN, will the answer to the question change? What’s a BIN number? When used in this way, it is a safe and efficient way to conduct a transaction, which helps to adapt to new trends and ways of doing business.

How exactly credit card BIN fight scammers?

bin code

This is a real breakthrough in the field of protection against identity theft and the fight against fraud. Let us summarize all of the above to define this struggle more concretely.

  • Identifying red flags in a credit card BIN number list. This happens during the verification of the transaction and in this case, the security level is automatically increased. By the way, if you are planning a large purchase through a credit card, which is rare for you. It is best to contact your bank and check the payment limit. Why are you better off doing this? Thus, the card issuer will have no doubts that it is you who are carrying out the transaction and the payment will be successful.
  • You can use the information to verify the relevant transaction details with the issuer and even with the cardholders themselves.
  • Sellers can be protected from fraudulent monthly payments by infecting the buyer online.
  • Remember that your attention to this is the first step in the fight against fraudsters.

The first appearance of BIN codes was a landmark event and a truly unshakable form of defense. However, progress does not stand still, so this system must also be improved. Namely, creating more unique codes or increasing the number from 4-6 digits to 8. Today we tried to explain in an accessible way what is a credit card BIN for each of our readers. After all, attempts to conduct transactions with fake credit cards are increasing every day. If you in doubt of the legality of the transaction, do not panic and do not hesitate to double-check the information with the card issuer. If you have come across something like this or have heard such stories from friends, then fill out our form on the site “report a scam”. We will be happy to help you, and we are also grateful that your story can save thousands of our readers.

Thank you for reading our article to the end. Stay tuned, because very soon we will discuss equally interesting and important topics. See you on the pages of our blog!

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Author of article

Caleb-Joshua Mashrooman

Interests: finance, legal advice, golf, economics

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