Avoid Fraud with Bank BIN Database

Every single credit card that exists in this world is numbered, starting with a 6-digit prefix number. This 6-digit number is actually meant to identify the card issuer. This number is known as the bank BIN database. BIN stands for Bank Identification Number. In some cases, people call it IIN, which stands for Issuer Identification Number. However, they are principally the same.

At this point in time, some credit card holders may be asking what the rest of the numbers on their credit card mean. Well, the rest of the numbers represent the numbers to be used in order to identify the card. The numbers that follow the 6-digit prefix mentioned earlier are always unique, as no other card from the same card issuer that has the same numbers after the 6-digit prefix.

So, how does bank BIN database work after all? Well, by means of a networking system, it attempts to record, and at the same time track, every single purchase carried out by either a debit or credit card. BIN has become very popular these days thanks to the ever increasing number of merchants that utilize it. With the help of the BIN database, online merchants have a greater chance of preventing fraudulent use of debit and credit cards.

Fortunately, merchants can always use a BIN check to reveal the issuer's information. This is legal, but knowing only the card issuer's information may not be sufficient. This is why merchants can obtain the phone number of the card issuer as well with a BIN check. It seems that BIN is really a serious way to stop debit and credit card fraud.

Today, BIN is used in even more cases. Besides purchases, BIN is also used in insurance and other transactions. When it comes to insurance, insurance service providers will have the power to identify their customer quicker and more accurately by paying attention to the insurance information their customers may have.

With that being said, it is clear that the bank BIN database is of great importance to businesses, merchants and customers alike. It is therefore worth understanding how to perform a BIN check. For those who are worried that this check will require them to reveal their card ID number, they can put their mind at rest. Card ID number is considered to be too much of information and thus a BIN check will not ask for it. Thanks to BIN in the near future, hopefully, there will no longer be any debit or credit card scammers.