The Bank Identification Number (BIN) is an efficient alternative to conventional methods of credit card bin # verification. BIN or IIN checks the cardholders’ details for its authenticity as to the country of issue, and the nature of the card etc.
Although this information alone is not complete enough to prove the financial frauds, the tool helps in a finer way for refining the results and identifying potential threats in business. In other words the credit card bin # checker gives out warning signals for financial hazards. Inline validation is also possible with the use of credit card bin# checkers. Sometimes the data entered by the consumer may be inaccurate as to the card type, nature of transactions allowed etc. This can also be verified to confirm that the transaction can be allowed as per the card service provider’s policies.
Features of the credit card bin # checkers
The commonly found credit card bin # checking tools helps to identify the cards such as Visa, MasterCard, American Express, Discover etc. Some bin databases allow for still more types of cards including prepaid and gift cards. The six digits which comprise the bin of the card inform several things about the card to the merchant but complying with the security policies of the business.
Rather than selecting the commonly available tool it is advantageous to opt out for custom made solutions. Custom modifications can be introduced into credit card bin # checkers that will allow for securing it with the latest technology. The tools of accounting and other system specific needs can be made by custom validation of credit card bin # database.
A credit card bin # list is accessed through third parties who process credit card payments and manage claims. There are two types of bin lists bin to country and bank to bin. Bin to country list reveals the issuing country when the credit card bin # is provided. Bank to bin list shows the results of the fields such as details of bank and contact number in addition to the country of issue of bank.
The first number of credit card bin # is often the service provider indicating the type of card whether Visa, Master card, Discover or American Express etc. This first digit is also known as Major Industry Identifier (MII). MIN is thus part of BIN or IIN. These are of the standard format laid down by ISO 7812.
The bin system comprises of credit, debit, deposit, fuel, gift, prepaid, stored value and electronic benefit cards. Credit card bin # checkers are the most common bin databases. Validation of the credit card bin # is done using Luhn algorithm.
In case of suspicious transactions, the credit card bin # checkers issue a notice of warning which the merchant can further verify using other methods to confirm the authenticity. If he is not able to confirm the validity of the card, it will be better to cancel out the transaction.