What Is BIN and Its Use In Banking System - 2020
The modern-day business world is increasingly becoming dominated by the eCommerce world. Buyers and sellers are venturing online to buy and sell their wares and the use of financial cards such as credit, debit, gift and prepaid cards online is increasingly at a very high rate. Unfortunately, however, with the technological advancements, some dubious individuals have found a way to manipulate technology in order to get money into their pockets unethically.
The risk is getting defrauded online when using a financial card is now more real than it was when the eCommerce industry started out. Luckily, we have found a way to ensure your eCommerce business runs smoothly without the risk of fraud. This system makes use of BIN (Bank Identification Number). You can use online BIN checker tool which is designed to check the existence of a Bank Identification Number (BIN) base on the updated database.
What is a bank identification number (BIN)?
Every financial card that is issued by either a financial institution or a bank has a bank identification number. This number is made up of the first six digits of the sixteen-digit number of any financial card, be it a credit, debit or gift card. This number is very important in the security of a financial card when it is being used online. How is the bank identification number important?
The bank identification number is the tool used to identify the card during a bank identification number lookup and therefore determine the possibility of fraudulent use of a card. This number holds important information regarding the owner of a card and the bank or institution that issued the card. When you carry out a bank identification number check, the bin will give you supplementary information to help you determine the authenticity of a transaction involving the card.
Bank Identification Numbers (BIN) in Credit Card Processing
Bank identification numbers are an important part of the credit card processing step. The bank identification number of a credit card is the first six digits of the credit card. Bank identification numbers in credit card processing have been used a protective measure based on the fact that credit cards are highly prone to fraud which contributes to the loss of a lot of money. The bank identification numbers in credit card processing are meant to give information regarding the credit card. Read more about Best BIN Checker Services
This information is stored in a database and can be accessed by merchants when the credit card is used online to determine whether it is the genuine owner who is trying to use it or a fraudster. Some of the information about a credit card that can be gathered from the bank identification number includes the card issuer, the original owner of the card and the brand of the card.
Bank Identification Numbers for Online Merchants
There are two major trends that have defined the modern world. These are online shopping and the extensive use of credit cards alongside other financial cards in order to carry out transactions online. This has no doubt made it very convenient for most shoppers but it has also come at a price. The modern online financial card user is more exposed to fraud than ever and as such, it is increasingly becoming unsafe for one to transact with financial cards in the eCommerce industry altogether. Does this mean that you should abandon the convenience of the commerce industry?
By all means, you should not as we are in business to make it safer for you to transact your business online. We use bank identification numbers to create a safer financial cards world for you. Bank identification numbers; what are they Bank identification number, usually abbreviated as BIN is made up of the first six digits in any financial card. On some occasions, the bank identification number can be made up of up to the first nine digits. The bank identification number carries important information regarding the card and its nature as well as the user to whom the card is registered. It is the bank identification number that is responsible for securing cards. How does the bank identification number secure financial cards; you may ask. It is precisely by the use of a bank identification number database.
A bank identification number database is simply a system that was created to track and record all the transactions of financial cards. It derives its data from banks, financial institutions and online merchants who use credit cards frequently. In order to ensure that a card used is secure, you can carry out a bank identification numbers lookup. What we offer you? We pride ourselves in giving you the best bank identification number check services.
We have a comprehensive bank identification number database that provides all the information you need about a financial card. Our bank identification number checker has accuracy levels of close to 100% and regular updates that serve to make the database very efficient. With our database, you get access to the best and most updated bank identification numbers list there is and as such, you can always rely on us.
Our bank identification numbers database is also simple to operate as it is run on a highly user-friendly program. When it comes to bin database services, we offer bank identification numbers lookup services to all the financial cards in the market. Bank identification numbers credit card services are especially important because credit cards have been targeted in fraud for quite a while.
We also deal with prepaid cards and gift cards which are also very popular with fraudsters as they are already loaded. Our offer to you is a simple and reliable database that you can use with relative ease. We guarantee you the highest level of accuracy that you can ever come across as well as frequent updates.
Bank Identification Numbers for Visa and MasterCard
Just like all other types of cards, there are bank identification numbers for visa and MasterCard specifically. While Visa bank identification numbers star with the number 40, 41, 42, 43, 44, 45, 46, 47, 48 and 49 while the master card bin numbers are usually 51, 52, 53, 54 and 55. The numbers in the card vary depending on the issuing bank.
In this case, the banks are located in different parts of the world. The Visa and Master cards used in these countries differ in the numbers indicated on the card. They can start with any of the numbers indicated above depending on where the card is being used.
Another factor that makes the bank identification numbers for visa and MasterCard to differ is the type of card you have. There are several types of cards; credit cards, debit cards and prepaid cards which have varying starting numbers.
by Kent Rice on 2020-08-20 06:02:28
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