What is a Credit Card BIN??
BIN full form is Bank Identification Number.
The first 4 or 6 digits of your credit card form the credit card BIN. These numbers are crucial since that is what helps banks identify and verify all the details related to your credit card. Bank Identification Number helps in preventing frauds.
Basically, credit card BIN is used for:
- Secure financial routing
- Prevention of financial frauds
- Securing financial transactions by confirming card legitimacy
Although this is a very secure way of safeguarding credit card transactions, there have been reports of credit card BIN scams. These happen because of database hacking or skimming devices that access BIN information.
To prevent yourself against these frauds, you can do a few things including:
- Activate 2 factor authentication with bank accounts online
- Don’t share your credit card details with anyone
- Stay away from online spammy websites which have the potential to scam you. Keep transactions limited to legitimate websites.
- Check your credit card statements regularly to spot any frauds or irregularities.