What is a bank identification number (BIN)?

Understanding How the BIN Number Works

This technology has made a serious contribution to banks around the world. It can be used to track transactions, transfer payments, and regulate the entire banking system around the world. With the help of a bank identification number, financial entities perform fast authentication and processing of information, which makes payment safer and more efficient.

Various trading platforms analyze your payment card with the code during the transaction. If this cipher is obscure, then the transaction can be canceled. BIN numbers are used by many in the payment fulfillment system. This code is used by banks to identify their cards, as well as payment systems like Visa and MasterCard. In addition, these numbers are important for merchants and consumers.

To ensure efficient execution of the transaction at the international level, it is necessary that the identification number is unique. This prevents delays, errors, and fraudulent situations. There are problems with duplication of BINs, so the uniqueness is important.

Which Bin Types Do Exist?

Today, there are different bank identification number types that differ in several aspects. For example, some of them are used only in certain places. In Mexico, CLABE is often used, and in Australia, BSB. This identification method only works in a certain place.

It is worth noting separately that there are different BIN configurations. The first digit of the code can be used to determine which payment system the card has, and the rest—the issuing bank and card type. The remaining digits on the card are unique and distinguish your card from others. Using the bank identification, you can determine the following:

• Country of issuance;

• Payment system;

• Type (debit or credit);

• What is it used for;

• What is the main currency;

• What are its features.

If we talk about Shared vs Dedicated BINs, then in the first case the identification number is used by several banks at once, and in the second it is unique and dedicated to only one bank. We can also highlight such types as Retail vs Commercial BIN. In the first case, the number is used to identify debit or credit cards. Commercial type, as you can understand from the name, is more suitable for corporate use. 

What Is a BIN Number Used For? 

BIN numbers play an important role, especially when paying online. Let's imagine a situation where you decided to buy clothes on a foreign website. When paying, you will have to provide information to complete the transaction. When you confirm the payment, the bank will begin analysis and processing. 

What is a bin on a credit card? Using an identification number, the platform will be able to determine the main characteristics of your payment method, currency, and country of issue. For example, some cards may not be accepted due to geographical features. Some cards may be fraudulent or pose a threat. In this case, the transaction may also be canceled. 

It is worth noting separately that a bank identification number is used not only for analyzing and processing payments. With the help of these numbers, you can track customer behavior and identify fraudulent activities. What is a credit card bin number? In addition, it is used not only for debit and credit cards but also gift certificates and so on, which helps to identify the payment. Therefore, it is a multifunctional tool that helps not only in performing transactions but also in the financial industry as a whole.

How to Find a Bank Identification Number?

How to find a bank identification code? This is a question shoppers often ask. To find out your bank identification number, you need to look at your credit card number. The first 6-8 digits will be the necessary information for you. Keep in mind that it is not always marked fully on the surface of the payment tool, especially if it consists of 8 digits. Therefore, in such cases you can use other search methods.

To find out the bank identification number, potential buyers can contact the bank. To do this, just dial the customer service or write to them in online chat. What is a bin credit card? Separately, it is worth noting that sometimes it can be seen in bank statements or on the official website of the bank.

Why Are BIN Numbers so Important?

Your BIN on credit cards plays an important role in the context of transactions. It can be used to identify all the details that are necessary to make a payment. First of all, this code can identify the bank and the type of payment instrument, such as a debit card or credit one.

What is a card bin number? An identification number ensures secure transactions by eliminating fraudulent transactions through code verification. In addition, the code facilitates the execution of international payments and their technical processing. Therefore, it plays an important role in the global banking world.

What is the BIN Range?

The BIN range is an important aspect during identification, namely the first 6 digits, which provide valuable information. Each bank identification number range belongs to a specific bank or financial institution. For example, if your code starts with 1234, it belongs to one payment system and 5678 belongs to another.

Thus, you can find out everything about your card, where it was issued, what bank, what currency, and so on. The main feature of the BIN range is a certain sequence of digits, which encrypts important information.

Financial institutions receive their bank identification numbers through organizations such as ISO (International Organisation for Standardisation) or national payment systems. They are therefore all completely unique. In the future, banks or payment systems may obtain additional codes or change existing ones to expand their services. 

The Most Popular BIN Number Examples 

Today, there are hundreds of identification numbers examples that vary by country, currency, bank, and other characteristics. However, there are examples of the most popular financial institutions and systems:

If your credit card starts with these numbers, then it belongs to one of these financial systems. Each number has a meaning. For example, we can find out which banking institution or payment system the card belongs to by the first digits. The other numbers indicate the level (black, platinum, business), and so on. 

What’s the Difference Between a 6 Digit and an 8 Digit code?

According to international practice, originally BIN numbers consisted of a 6-digit code. This code indicated the issuing bank. However, with the development of technology, more and more issuers started to appear on the market. At the same time, the number of customers who used bank cards instead of cash grew. Therefore, banks and payment systems that used 6 digits realized that all possible combinations were coming to an end. They need to create an alternative.

So now some brands have started using 8-digit. In this way, more combinations have appeared. Full transition of all issues from 6 digits to 8 digits will take a long time because it is not so easy. However, now more and more banks and payment systems are using 8-digital codes, as there are so many customers and competitors that it is not easy to create a unique bank identification number. In 2023 Visa and Mastercard stopped issuing new 6 digit BIN codes, as there were none left. So all the new BIN numbers in 2024 and further will consist of 8 digits and more. 6 digit BIN codes are still in use though.

How to Secure from BIN Attack?

The number of frauds related to the use of bank identification numbers is growing every day. Therefore, consumers should do everything to protect their payment information from fraudsters. Despite the fact that using an identification number increases security, risks for customers still remain. 

In general, fraudsters use different methods to find out your identification numbers. With their help, cybercriminals can learn more about your card and use it for their own purposes. 

What BIN Scamming Methods do Scammers Use?

There are many BIN scamming methods available today. Their number is growing because scammers are coming up with other ways to get your money. One of the most popular methods is the use of BIN Attack with software. Scammers get your code and generate other possible numbers using the software to exploit the data. They test the card number with small transactions until they find an active number. 

This is just one type of fraud. So you need to keep an eye on your payment details and transactions. If you notice suspicious payments that you did not make, then contact customer support. Inform them about the suspicious activity and, if possible, block it until the situation becomes clearer. The number of attacks is only going to increase, so you need to be on your guard. 

BIN Fraud Prevention

For fraud prevention, you will need to use several methods. With their help, you can reduce bank identification numbers attack count:

• Check transactions and analyze them;

• Install additional security measures in the form of user authentication;

• Do not enter payment information on unknown sites.

Remember that there is no 100% method that will guarantee protection. You need to be attentive and control transactions. At first, fraudsters make several small payments to check the activity of the card. Until they move on to larger purchases, you have the opportunity to contact support and block the card.

Keep in mind that several small transactions are signs of an attack. They are almost invisible in your statement, so you need to be attentive and implement all the necessary protection methods.

What is a BIN Checker?

BIN Checker is used to check BIN numbers. This is a special tool that helps to find out how real and valid a card is. BIN validation is used to protect against fraud. For example, if you have your own business where you accept payments, you can use this checker to detect a fraudulent transaction. 

In addition, you can use such a tool to find out who issued the card and in which country. This is also convenient for payments with geographical restrictions. 

Such a checker is widely used by both online store owners, banks, and payment systems. To use this tool, you need to use a special program and specify the first 6 or 8 digits of the card.