1/3/2024 0 Comments Bin cc checkIf a customer uses a gift card, on the other hand, that might indicate that one of their friends or family members knows that they purchase from you frequently, or suspects that they might be interested in doing so. Merchants can use BIN information to see the type of card a customer uses and send targeted promotions and offers their way.įor example, a customer with an American Express platinum card likely has higher purchasing power and may be more interested in luxury goods. The last digit on your card is the Luhn check digit, a single check digit generated using the Luhn algorithm, which is used to quickly check if a credit card number is valid.īINs also provide merchants with valuable data that can be analyzed for information about customer demographics, changing purchasing patterns, and chargebacks. ![]() ![]() The rest of the numbers that don’t fall under the BIN are the individual account identification numbers. After the Major Industry Identifier, the next three or five digits under the BIN determine the issuing party. For example, the numbers 4 and 5 are for banking and financial cards-mostly Visa and Mastercard, respectively-while the number 1 is for airline cards. The first digit on your card is known as the Major Industry Identifier (MII), which indicates a general category the card falls into. In one case, however, an aspect of credit cards that was present from the very beginning gained new importance as a way to spot fraud in e-commerce: the Bank Identification Number (BIN). Credit cards also opened up new opportunities for fraud, and the development of e-commerce made such fraud even easier to commit, negating the need for the fraudster to have the physical card in their possession.Ī number of security measures have been implemented over the years to help merchants detect such fraud. Unfortunately, the convenience these cards provide isn't without its downsides. Many customers now prefer using cards for most of their purchases rather than cash, and the world of e-commerce operates almost exclusively using credit cards. ![]() In most developed nations, credit and debit cards are nearly universal.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |