All About Your Bank Identification Number (BIN) and Why It Matters

If you own a debit or credit card, then you’re familiar with the long set of numbers embossed on the front. This is called the debit or credit card number, which you input when using your card for offline and online transactions. It’s easy to think that these numbers serve the purpose of separating one card from another. What’s more interesting, however, is that each set of numbers has its unique significance.

• What’s the role of the BIN?

For example, the first set of numbers is called the bank identification number (BIN). In most cases, debit and credit cards have a BIN consisting of four to six digits. A BIN tells you what institution issued the card. Every institution that gives cards has its unique BIN associated with their cards. If you’re interested to learn about the BIN of different banks, you can perform a bank BIN lookup. Just enter the BIN on your card, and you’ll see that the result displays the institution that issued your card.

It’s worth noting that BIN can be found not only on debit or credit cards. You can also find it on gift cards, prepaid cards, and even electronic benefit cards. It performs the same function of identifying the issuer of the card. To make things more secure, the BIN is encoded in the card’s chip or magnetic strip. Since many institutions other than the bank also issue cards, the BIN is sometimes called the issuer identification number (IIN).

• Why should you care about the BIN?

The BIN is often overlooked, but it performs a critical role in all card transactions. It’s essential to understand that the BIN is useful in preventing identity theft and fraud. Without the BIN, comparing data wouldn’t be possible to ensure that the person using the card is the same person who issued it.

You may have also heard stories about people getting their debit cards wiped clean or their credit cards charged for all sorts of things they didn’t buy. Such fraudulent attacks are still common today, and one method used by culprits is providing the BIN to the card owner to fool the person into giving his full card number.

For instance, someone might give you a call and warn you about unusual activities going on with your card. The person says that he’ll give you the first six digits of your card number to confirm. As you know, this information can be easily obtained. But without knowing that it’s just the BIN he’s dictating, then you might end up trusting the person and providing him with all the information he demands.

As a card owner, it pays to understand the numbers on your card and their significance. If you haven’t yet, perform a BIN lookup now for all the cards, you have. For all you know, this simple tip could help you save a lot of money in the future by safeguarding yourself from fraudulent activities.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes