BIN is an abbreviation for Bank Identification Number. It is usually the 6-digit numbers of your debit or credit card number. Others call it your IIN, Issuer Identification Number.
The reason for the creation of BIN is map out malpractices like fraud. Business merchants are usually the ones who enjoy the advantage of BIN. As they can avoid different financial crimes and malpractices. Merchants can use BIN to fish out buyers who are trying to do a fake financial transaction.
The idea of BIN numbering system is a good one. It assists in identification of any potential identity theft and security breaches. It was created by the International Organization for Standardization (ISO).
Yes, before we go into the main juice of the post, we find it helpful to explain one or two things. As a Seller or Merchant, you always need to check your buyers/customers BIN as frequently as possible. To avoid stories that touch your heart and you lose a lot.
In the world we live in today, we have people who are there to dupe you. They are always looking for merchants that are ignorant or lazy to dupe. The Credit Card fraud is becoming rampant in the world we live in today. And merchants are losing money and investment to these fraudsters.
With a BIN Checker you can check for your customers BIN number. The BIN checker usually provides the details about the owner of the card. Information like Issuer Name, Currency, Scheme, Card Number and Card Issuing Country.
You can verify it with the information your customers provide. This way, you can fish out fraudsters and secure your money and business.
Why do we need a BIN checker?
As a merchant, you might wonder why you need a BIN checker. But with the way the world is, fraud transaction has become an easy thing to do. Unsuspecting merchants can easily be targeted, losing money to fraudsters.
If you are to secure your business from varying fraud transactions. It’s very important you use a BIN checker. If you don’t, you might be duped of your hard-earned money. As a merchant, if you have a website.
You can integrate a BIN checker into your website payment system. The BIN checkers will always scan the customers BIN. This takes place before any transaction takes place.
If the details provided are correct, the transaction will proceed. But they are different, then the transaction will get cancelled. We have to be wary of corrupt minded individuals who are out to prey on the weakness of merchants. So other reasons why you need a BIN checker includes the following:
Merchants can avoid credit card scams, fraud and other related crimes. It’s one of the important reasons to use BIN checkers before any transaction.
- Merchants have access to important information about these fraudsters. This information can be submitted to appropriate quarters for investigation. This way, other merchants won’t fall for such scams.
- Merchants site has is fully secured from fraudsters. And there is assurance on safety from being scammed.
- Great news, BIN Checkers are always free. Merchants don’t have to worry of cost of getting one. These tools have free access to anyone who wish to use it.
BIN or Bank identification number checker usually provide the following information. Details to Merchants about a particular BIN like:
- Issuer Country of the Credit Card
- Type of Credit Card issued
- Phone number of the owner
- Bank Name of the Credit Card
- Name and personal details of the Credit Card Owner
There are lots of BIN/IIN checkers when you surf the internet. But the issue about these BIN checkers is their database. A whole lot of BIN checkers have outdated database.
Having a good BIN Checker, it must have an accurate and updated database. A good BIN Checker should always have a large database and must include BIN numbers used in America. This article has gone great lengths, combing through the net.
Looking for the very best BIN Checker for you to make use of as a merchant. These sites are the very best you can get, you can integrate these BIN Checkers into your website. So, securing your site from fraud and scam.