BIN List is any software that you can use to verify the BIN of a credit, prepaid, debit or gift card. The BIN is an acronym for bank identification number. Nowadays, it is also called Issuer Identification Number which is normally abbreviated as IIN. It refers to the first six numbers of a card. For example, if you have a credit/debit/gift/prepaid card with a card number of 0213 5672 1958 2156 then the BIN of the card should be the first six number of the card which in this regard are 0213 56. Online merchants are able to match important information of consumers such as personal address information, card issuer and expiration date to the database of the BIN using a BIN lookup software. This will help them to discover fraudulent transaction or suspicious transactions.
The BIN list verifies the validity or authenticity of the information on the card by passing the number through a BIN list database for matching of the information. The card will be declined or suspicious transaction alert will be raised so that the merchant will scrutinize the transaction more carefully if any information provided by the consumer does not match with the ones in the database of the card. Now, that you know what a BIN list system is all about, you will be able to understand where there are variations in BIN ranges.
There are different brands of cards be it credit card, debit card, prepaid card and gift card. Some of the popular brands are AMEX, Discover, Visa, MasterCard and others. Each of these companies or brand names has different categories of card to meet different needs. The BIN ranges are used to identify the brands and card categories. In other words, they are used to differentiate a brand card from another and a category of card from others. For example, the BIN of any Visa card starts with numbers between 40 and 49, that is the first two numbers of bank identification number will begin with 40 or 41, 42…49 otherwise it is not a Visa card. The variation in the number points to different categories to which the cards belong. However, if you take a closer look at different Visa cards, you will discover that the first two or even three numbers of some cards are the same. But for the credit card company issuing the cards, the numbers are different. Having different BIN ranges helps them to provide services that meet the demands of their different customers. As mentioned above, each card category is designed for particular consumers with particular needs.
BIN list helps to differentiate these numbers or card category. When the number is passed through a BIN ranges list database anytime a transaction or purchase is made, it will match the information on database of the card and the information provided. If there is any variation or difference, the transaction will be rejected or marked as suspicious. The merchant when alerted has to verify the transaction more carefully or completely reject it. In other words, with BIN ranges lookup system, online merchants are able to prevent fraudulent transactions and it makes online transaction more reliable and secure.