subject: Bin Checker- On The Way To Financial Freedom [print this page] Bin checker is used to verify the bin details of credit, debit or charge cards which are used for purchase or availing services. A bin checker essentially matches the bins of the database and those of the customer provided information.
What to check using a bin checker?
A bin checker is used to verify the credentials of credit cards as to the issuing country, type of the card, nature of card, address of the bank or financial institution issuing the card, contact details, website address etc.
How to use the bin checker?
A bin checker can be used to identify the credentials of the card before finalising the order. The warnings issued by bin checker may then be used to make decisions on financial assets. Serious warnings cannot be ignored and the merchant can personally ensure the credentials of the card or he can take the risk of facing a charge back. In most instances, the bin checker is a valuable tool in preventing credit card frauds.
The bin checker needs you to enter the first six digits of the card which serves as the bank identification number or issuer identification number. The first digit among these serves to identify the service provider like Visa, Master Card, Discover, American Express etc. Once entered the bin checker uses the luhn algorithm to do the check and returns the results in eleven fields. Some bin checker results have lesser fields. Nevertheless the data is sufficient to throw light upon the possible financial frauds.
Results from a bin checker
The results from the bin checker are organized into eleven fields at the maximum for all bin numbers.
First digit signifies the type of service provider. These are the MIIs which reveals the associated industry to which it belongs. For example, the cards with bin numbers starting from 4 belong to Visa. Master Cards have digits starting with 5. American Express cards and Diners cards will have 3 as the MII. Petroleum industry cards such as Exxon cards start with 7.
The following digits tell the next information as to the details of the card. The name of bank, contact details, address, country of issue etc is revealed by the remaining digits of BIN. The results of bin checker give the clear picture of the card and the merchant is given a clearance or warning when there might be any suspicions.
Purpose of bin checker
Bin checker is used to check the bin number details by matching the data provided by the customer to that in the database. For example, if a person from Australia places an order with an US based firm, the firm can check whether the shipping address is same as the place of issue of the card. If the two differ, then chances are there for a financial fraud. The bin numbers are usually updated once in a month by the service providers to maintain accuracy.
The bin checker thus serves to pinpoint the exact financial fraud and with rise in economic threats more companies are now opting for purchase of licensed bin checker software.
by: Gen Wright
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