Bank identification number means exactly as it sounds. It is a set of number through which you can identify the bank or financial institution that issues a credit, debit or any other type of plastic card. Contrary to the thinking of many people, this number is not the same with the credit card number but it is part of it. The bank identification number which is popularly known with its acronym, BIN, is also referred to as issuer identification number – abbreviated as IIN – because nowadays, there are other financial institutions other than banks that issue plastic cards of different kinds.
This number is like the DNA of a credit card because if you know it and you are able to analyse it, you can tell a lot about a plastic card. For merchants or businesses receiving payment with plastic card, being able to verify this number will help them to spot or avoid fraudulent transactions. Before explaining how to check bank identification number, it will be good that I first tell you what exactly is the bank identification number and what information you can obtain from it. First, it can be a set of four numbers or six numbers that first appear on a plastic card and which form part of the card’s number. In some card types and brands, they set is four in number while in some it is six in number. All plastic cards including electronic benefit cards, prepaid cards, debit cards, gift cards and charge cards have BIN.
Armed with the issuer identification number of a card, you will be able to tell not just the institution that issue the card but also the card type – that is whether it is a Visa card, American Express, MasterCard or any other type. You can also tell the country of issuer or the place where the card is issued from. Each of the number or most of the number in BIN provides certain type of information. If you verify the BIN, you can tell the address of the cardholder as well as the address of the issuer. In this way, you can match the information provided by a buyer and the one shown in the BIN analysis. If there is any contradiction, it is a sign that something is wrong or red light alert.
How to check BIN
Checking bank identification number is very simple nowadays. It does not require you to do any difficult calculation or worry your head. There are BIN checkers for IIN lookup. Though the basic principle is the same but each software has its peculiarities. Besides, they may not have the same database. Some come with a large database and more features than others. Each may also have unique method to check BIN. So, all you have to do if you are interested in owning and using a BIN checker is to purchase a good one and then spend time to learn how to use the BIN checker to check your BIN.