A BIN Number or Bank Identification Number is assigned to a bank for its own credit card issuance.
The first six digits on a credit card constitute the Bank Identification Number, otherwise known as the BIN number. A BIN identifies the institution that issues the credit or debit card. The American Bankers Association manages the ISO Register of BINs and Issuer Identification Numbers(IINs) for US banks. Online merchants use BINs (Bank Identification Numbers) as an extra measure to confirm the geographic area where the cardholder is located. For instance, they compare it to the geographic area identified by the unique BIN number. Occasionally, some refer to BIN Numbers as an IIN or Issuer Identification Number.
BIN Attack Fraud
One way fraudsters use BIN numbers is in scams known as BIN Attack Fraud. The fraudster obtains a BIN and uses software to generate the remaining numbers. They then test the numbers using small transactions through online retailers until they find a valid and active card number.
Common signs of a BIN attack:
- Multiple low-value transactions that are unusual for your business
- Multiple declines
- Unusually high volumes of international cards
- Large quantity of transactions being processed or attempted in a short period of time
- Card numbers being used repeatedly with variations in the security features
- Unusual transaction times
Protect Against Fraud
Businesses and institutions can protect themselves against fraudsters using techniques like BIN attacks with an adaptive and responsive fraud protection platform.
Fraud.net offers a variety of solutions using AI and machine learning to prevent fraud attacks of all kinds and therefore, your bottom line. We offer dark web monitoring, analytics and reporting, identity protection services, and more.
Contact us for a demo and recommendations for fraud prevention and identity protection.
