The card number found on your credit and debit cards contain an identifier called a bin number. The bin number, also known as a bank identifier number, is made up of the first four to six numbers listed in the card number. BIN numbers have one main purpose which is to assist the banks in knowing which bank branch issued which card. This is important information for the banks because it allows every bank to know which bank to charge for the purchases a consumer makes. A list of bin numbers can be accessed by anyone over the internet and will contain the proper information that should be displayed on the card. This has opened the door for merchants to verify that a consumer is who they say they are and that they are not using someone else’s account number which has assisted in the fight against fraudulent activities.
Recently BIN numbers, bank identifier numbers, have started being used by merchants to help prevent fraudulent activity from consumers who don’t mind ripping businesses off for their services and products. When a consumer presents a credit or debit card to the merchant the merchant has the opportunity to use a bin number checker on the internet. This checker will access and search a bin numbers list for the merchant. This list will contain bin numbers visa, bin numbers master card and bin number American express account numbers. If a match cannot be found the merchant just has to do a search on another bin numbers database using a different bin numbers lookup service. A single bin numbers database may not contain all of the account numbers for the various institutions. By performing a search on various websites that will scan a bin number database you are gaining access to all of the account numbers out there.
It is important for the merchant to perform a bin numbers search because some consumers have found a way to replicate various credits and debit cards. Not only can they now replicate them but they can adjust the information displayed on them to suit themselves leaving the original account number on the card intact. This makes it very easy for fraudulent consumers to walk into a store and purchase various goods and services with someone else’s money. It is even more important for merchants to perform a bin numbers check against a bin numbers credit card list when it comes to big numbers American express and other similar cards that can have a very high spending limit on them. If a fraudulent consumer is purchasing a high-end expensive service or item the merchant could end up being the one to reimburse the bank for the funds they would have lost when they reimbursed the actual owner of the card.
Whether you are a small shop owner or the owner of a massive corporation checking bin numbers that you come across should be a very important practice for all of your selling transactions. Losing money is not beneficial to any business and by verifying a consumer’s credit and debit card they can help prevent even more fraudulent transactions from occurring.
After learning about bin number databases and how they can help your business save you the money you can find one here BIN Database.