It's no secret that as a merchant, you're always at risk of fraudulent activities. How understanding BIN numbers can help you avoid losing money as a merchant?
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Even more they may use specific software to create more and more cards just using the BIN numbers and try to get their expiry date and security code for each card.
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They can either clone the data on fake plastic cards and buy what they need offline or use the cards data online to buy services, electronics and any goods they can reach. How credit card fraudsters use the BIN numbers?įraudsters can illegally get the credit card numbers directly from the victims, hacked online shopping websites and even from banks. The card type (credit or debit), card level and if the card is a part of a reward program.The issuing bank's/institution's name, location and contact information.If the address provided by the cardholder matches what's on file and IP address if the transactions placed online.If the issuer is located in the same geographic region as where the transaction takes place.If the card issued from a trusted issuer.Why is it necessary to understand how BIN numbers work?īIN numbers are important because they provide both merchants and payment processors with all the information they require to assess risk and interchange fees. In addition, the security features for each transaction are identified, so both sides are clear about which features apply. If you swipe your credit card at a store or website, they can check the validity of the credit card by using the BIN checker. The BIN codes are used by merchants and other players in the payment ecosystem to identify the credit card issuer. The MII digits are: Here is a table of the list of MII types:
It’s used to identify which industry the card was issued by. Financial payment cards, such as those branded with Visa and MasterCard logos are mostly issued by banks and so fall into the category of payment networks. American National Standards Institute (ANSI) and the International Organization for Standardization (ISO) developed a numbering system to identify institutions that issue payment cards. The MII identifies the type of the issuing institution.
MII is the first digit of a credit/debit card number. What is the major industry identifier "MII"? Issuer’s website & other contact information: 70 or 70.Let's take this Visa BIN as an example: 402617, this will be translated to the following:
Our BIN checker works with major brands and most private brands as well.
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What information does the free BIN checker give with examples? The same holds true for Mastercard – it usually starts with a number between 51 and 55 and has a maximum of 16 digits. If you have an American Express credit card, the associated number begins with 34 or 37 and is followed by four numbers in any order. The first four digits signify the institution that issued the card, while the remaining digits identify a specific card type within that issuer. The BIN helps merchants evaluate and assess their payment card transactions.Įach card issuer has its own BIN numbers for different brands or "payment networks". For example, the MII for a Visa credit card starts with a 4. The first digit of the BIN specifies the Major Industry Identifier (MII), such as airline, banking or travel, and the next five digits specify the issuing institution or bank. The bank identification number is a numbering system developed by the American National Standards Institute and the International Organization for Standardization (ISO) to identify institutions that issue bank cards.
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