How BINs protect your business and improve the security of your online payments

A Bank Identification Number (BIN), also known as an Issuer Identification Number (IIN), consists of the first 6 to 8 digits of a credit, debit, prepaid, or gift card.

This number identifies the card issuer and provides valuable information, such as the type of card and the issuing entity.

A card BIN number is a key tool for companies that manage a large number of transactions, enabling safer and faster decisions by identifying the source and type of card used in each transaction.

A BIN code holds key information so that, as a retailer, you can optimize the security of your online payments and reduce risks.

By using the information of a BIN, you can route transactions to the most appropriate payment method and make sure that everything matches the user and transaction profile.

Data you can obtain from a BIN

Leverage the data provided by the Bank Identification Number not just to improve the security of your business, but to increase the approval rate of your transactions too.

These are some of the data a BIN provides:

• Card issuer
• Type of industry or sector of the issuer
• Card brand (Visa®, Mastercard®, etc.)
• Country of origin of the issuer
• Telephone number and/or address of the issuer
• Type of card (debit, credit, prepaid, etc.)
• Card number length

The Major Industry Identifier (MII) is the first digit of a card's BIN and represents the industry or sector of the issuer. This enables the swift identification of the card’s type of industry and its authenticity.

MIIs are part of the ISO/IEC 7812 standard, which regulates issuer identification numbers. These are industries and brands linked to each category:

Fraud is one of the main concerns for online businesses. BINs are key to preventing it. This is how you can use them to avoid risks.

Issuer verification.

BINs help you identify whether the card being used corresponds to a legitimate and well-known bank.

Country match.

If the location of the cardholder and issuer does not match, or if the transaction comes from a high-risk country, it may be a warning sign.

Type of card.

BINs identify whether it is a credit, debit, or prepaid card, which helps to check whether the type of card matches the transaction.

There is usually more fraud with a credit card BIN than with a debit card.

Suspicious purchase patterns

Several transactions with the same BIN from different locations might suggest fraudulent activity.

Blacklists

BINs linked to fraudulent activity can be blacklisted, blocking transactions automatically.

Implementation of authentication policies

Aside from a BIN, retailers can implement authentication policies. They will be tailored to certain issuers or geographic regions to reduce the risk of chargebacks.

For example, you can require 2-factor authentication for BINs linked to high-risk areas.

As threats evolve, e-commerce fraud prevention also needs to be adapted.

The digital age demands more unique BINs for better security. Proof of this is that as of April 2022, all Visa BINs will use the extended 8-digit ID.

But that's not all. Several emerging technologies are transforming the transaction security landscape.

Artificial Intelligence and Machine Learning

These technologies analyze spending patterns in real-time using data such as BINs to identify deviations and predict potential fraud, blocking them before transactions get processed.

Authentication biometrics

It includes technologies such as facial, fingerprint, and voice recognition.

Multifactor Authentication Systems (MFA) that integrate biometrics add an extra layer of security, making unauthorized access more difficult.

Tokenization

BINs are replaced with unique identifiers called “tokens” with no value outside the transaction environment.

Tokenization prevents attackers from being able to use card identifier numbers to process unauthorized purchases.

Big Data

The analysis of large volumes of data from different sources, such as geolocation and use patterns, helps to identify fraud more precisely and swiftly.

Optimize the security of your business and reduce fraud taking advantage of the benefits BINs provide. You’ll improve your payment approval rate and avoid unnecessary risks.

Protect your online business today with our security solutions!