Scams around us-The Series

In this read ,i am gonna explain about BINS and how to prevent from this type of scams.

Bin:

BIN, or Bank Identification Number, is a series of numbers that is used to identify a specific bank or financial institution. It is typically the first six digits of a credit card or debit card number, and is used to route transactions to the correct bank for processing.

Unfortunately, scammers often use BINs as a way to defraud people. One common scam involves using a fake BIN to create a fake credit card that is then used to make fraudulent purchases. Other scams may involve using a legitimate BIN to create a fake credit card that is then used to steal money from the victim's bank account.

better understanding of bin:

A bank identification number is the first four to six numbers that appear on payment cards.

BINs are found on credit cards, charge cards, prepaid cards, debit cards, and gift cards.

The BIN helps merchants evaluate and assess their payment card transactions.

The number allows merchants to accept multiple forms of payment and allows transactions to be processed faster.

BINs can help financial institutions identify fraudulent or stolen cards and prevent identity theft.

Once the major industry is identified, it should be easy to determine the issuer of a card, especially if it is a major issuer. Visa’s IIN range covers every BIN that starts with 4. American Express’s IIN range covers BINs that start with 34 and 37. Mastercard’s IIN range covers BINs that start with 2221-2720 as well as 51-55. Discover Card’s IIN range covers all BINs that start with 6011, 622126 – 622925, 624000 – 626999, 628200 – 628899, 64, or 65.

Because of how BINs work, there is a finite amount of 4-6-digit BINs. As issuers are running out of possible configurations, they are starting to create 8-digit BINs. This wouldn’t change the length of the PAN (Primary Account Number), but rather change the length of the remaining digits used to identify specific accounts.

Benefits of a BIN:

BINs are used to increase the speed and efficiency of checkout when paying with a debit or credit card. As a customer swipes their card, the store's payment processor scans the BIN on their card and validates their account with the card issuer. This also determines if the transaction is authorized and compliant with any relevant national laws.

Common signs of a BIN attack on business:

• Multiple low-value transactions that are unusual for your business
• Multiple declines
• Unusually high volumes of international cards
• Large quantity of transactions being processed or attempted in a short period of time
• Card numbers being used repeatedly with variations in the security features

how to protect yourself and your business:

• To protect yourself from BIN scams, it is important to be cautious when sharing your credit card or bank information online. Always be sure to use secure websites when making financial transactions, and be on the lookout for any suspicious activity on your accounts. It is also a good idea to regularly check your credit report to ensure that there are no unauthorized charges on your accounts.
• Turn on 3D secure. This is an extra layer of protection for online credit and debit card transactions.
• Enable a CAPTCHA test to distinguish between humans and bots. Humans can easily solve it, but bots and other harmful software cannot. See your gateway provider for instructions on how to enable this.
• Use a PCI-compliant e-Commerce gateway system and a provider certified by your merchant bank.
• Set card security code verification to on. The purchase will not be completed until the three-digit security code on the back of the card is entered into the merchant facility.
• Consider using a hosted e-commerce system. This signifies that the payment page is not hosted by the merchant and is forwarded to the gateway provider.

always use vbv(verified by visa) secured cards

THE SERIES WILL CONTINUE...........