Bank Identification Numbers

Bank Identification Numbers, commonly referred to as BIN codes, are the initial sequence of four to six digits found on a credit card, serving the purpose of identifying the issuing bank or another financial entity responsible for the card. These BIN numbers establish a connection between the issuer and all the cards they provide, as well as the transactions conducted using those cards. At the upper section of this page, our BIN number lookup tool is available, enabling you to use the credit card identification system for determining the issuing bank of most payment cards.

In this article, we will delve deeper into these bank identification numbers, expanding on their significance and the future of BINs.

What is a BIN?

The BIN, also referred to as the bank identification code, is a systematic numbering scheme contrived to ascertain the specific institution responsible for issuing a given credit card or any other form of bank card, along with categorizing the nature of the institution. Essentially, it operates as the bank's distinctive emblem; each bank that issues cards possesses a distinct BIN.

Let's start our exploration by taking a look at the entire series of digits on the front side of a typical bank card. This numerical framework is applicable to a spectrum of cards, encompassing credit and charge cards, debit cards, prepaid cards, and specific electronic benefit cards.

In this graphic, the first six digits are typically called the Bank Identification Number, or BIN. Some card issuers who don't opt into the BIN network will refer to it as the Issuer Identification Number (IIN), however for most practical purposes IIN and BIN can be used interchangeably.

What are BIN numbers used for?

The BIN numbers are used by processors, retailers, and merchants to identify the card issuer. From just the first 6 digits of the card, you can determine who issued the credit (i.e. whether it is VISA or Mastercard).

In addition to identifying the card scheme that issued the card, you can also determine several pieces of info from the BIN. From the entire 6 digit BIN, you can completely determine the specific issuing bank. For example:
BIN: 486236 corresponds to "Capital One - Visa Platinum Credit Card". This would mean from just the BIN you can determine:

1. The full address of the bank where the card originates
2. The type of card (e.g. credit, debit, etc.)
3. The card rewards type (e.g. business, platinum)

The BIN number in conjunction with the customers's device info (IP address, location etc.) can be used as a fraud filter. E.g. if a customer attempts to pay with BIN corresponding to a card issued in Russia, yet their IP address is from the United States, you can deny the transaction.

The BIN number is how payment processors like Stripe implement certain fraud logic, such as blocking rules based on distance between card issued location and customer location.

The future of BINS

Although there are plenty of BINs available at the moment, experts in the field are looking ahead. In 2016, the International Organization for Standardization (ISO) made some changes to the BIN/IIN. They increased its length from six digits to the first 8 digits. Mastercard also started using a single BIN for multiple products and extended it to the less common 2-series BIN cards. Right now, banks are not mandated to moving to the 8-digit BIN, however 8-digit adoption may soon become the standard for new card schemes.

If you'd like to learn more about how to leverage BIN numbers to stop fraud, you can book a demo at Chargeblast below!