The BIN (Bank Identification Number) checker is an important tool which helps prevent fraud by verifying the existence of a BIN before approving payment with such credit cards.
The BIN checker tool runs a verification test across thousands of records on the database to spit out necessary information about the inputted BIN.
Every credit card comes with a unique set of numbers called the credit card number. This number contains necessary information such as the MII prefix, bank account number, Issuers Identification Number (IIN) also known as Bank Identification Number (BIN), and the checksum.
There are no two credit cards with the same credit card number as such you can easily trace a credit card by looking up this information with the BIN checker tool.
Source: Wikipedia
How Does It Work?
The process is pretty easy to grab. First, you are required to input the bank identification number of the credit card. The BIN is usually the first 6 digits (including the MII prefix) of any credit card.
Then, relax as it spits as necessary information pertaining to the BIN. Some of the expected information includes the country issuance, card type, issuing institution or bank, card brand, and category of card.
Why Do I need A BIN Checker
Technology brought with it both pros and cons and one of such cons is the promotion of fraudulent activities. These activities are usually carried out online – cybercrimes – making it difficult to trace the fraudster.
Fortunately, sophisticated tools are being developed to help curb this problem. An example of such tools is the BIN checker tool.
This tool comes in handy when you need to run a quick search on suspicious transactions.
The BIN tool helps to validate the actuality of the credit card and identify secured personal information about the credit card holder.
The BIN checker tool is also useful to companies. With this tool, you can track transactions and save the time you would spend on chargebacks.
Source: Tripwire
Are The Information Correct?
The BIN checker tool is equipped with the necessary functions to dig up information in any database. The inputted bank identification number is compared against thousands of records as such the information may not be perfect but accurate. The BIN checker tool provides all the information it can collect from the database. This gives room to some error in reading. Therefore, it is advisable to contact your bank for 100% accuracy. Your bank is in the best position to give exact details of every credit card.
