The introduction of credit card as a means of paying and receiving money has made the doing of business and a lot of economic and commercial activities very easy. With your credit card, you don’t have to carry physical cash meaning that you can pay for any service or goods without seeing the service provider or the seller. But fraudulent individuals have also turned this great invention into bad use stealing other people’s money. However, as it is said, technology will always provide a solution to the problem arising to its creation. Thus, BIN lookup is introduced as a means of checking credit card fraud. Many merchants accepting or making payments with credit card are now turning to this solution to reduce or forestall any credit card fraud. Before explaining how it works, it will be good to first understand what BIN means.
What is BIN Lookup?
BIN is an acronym for Bank Identification Number. Today, it is called Issuer Identification Number which is normally abbreviated as IIN. The number refers to first 4 or 6 digits of a prepaid, debit or credit card. From the BIN of a card, you will be able to find out the bank that issued the credit card (that is the issuer), the type of card issued (whether it is credit card, debit card, visa card or Mastercard) and the card’s level such as classic, gold or electron. BIN lookup is introduced to enable companies using credit card, prepaid card and debit card to make and accept payment to verify the information on the database of the IIN or the BIN in order to ensure that an authenticate card is used. For example, you can find out the country of the customer with IIN checker. So, if a BIN lookup shows a country different from the mailing address of the customer, it is an indication that the transaction is fraudulent or that something may be wrong somewhere. Such a discover calls for caution.
Online IIN Lookup
Before now or when the checker for the BIN was introduced newly, its use was limited to offline companies or brick and mortar shops. But today, there are a number of websites with the database of IIN/BIN where one can search for and verify the issuer identification number of a card. Many online merchants and businesses are now using BIN list to check the authenticity of a credit card. Online IIN checker can do more than authenticating a card. It is also utilized by some online businesses and merchants to determine the type of card being used for payment.
The technology of BIN lookup has improved today. There are prepaid flag and county of issue flag which notify the users when there is a suspicious order. Once they are alerted, they will be more watchful and can make out time to verify the transaction or carry a thorough inspection of the transaction before approving it. Some business will reject an order outright once it is suspicious.
IIN checker software is now plentifully available in varying capacity. If you want to purchase it, you should ensure that you purchase a good one which is characterized by its accuracy, efficiency, ease-of-use and affordability.