Card’s BIN

The card’s BIN is the Bank Identification Number, which consists of the first six digits on a bank card. This number is unique to each card issuer and serves several important functions:

1. Issuer Identification: The BIN helps to identify the issuing bank, ensuring secure and swift payment processing.
2. Card Type: The BIN can be used to determine the type of card, for example, credit, debit, gift, corporate, etc.
3. Payment Network: The BIN indicates which payment network the card belongs to (e.g., Visa, MasterCard, American Express).
4. Geographic Linkage: The BIN can reveal the country and even the issuing bank that issued the card.

Financial platforms use BIN block lists (or BIN lists) for various purposes:

1. Fraud Prevention: If a platform detects a high number of fraudulent transactions with cards from a particular bank or country, it can add the BINs of these cards to a blacklist to block further fraudulent attempts.
2. Risk Management: Blocking BINs allows restricting operations with cards from countries or regions with high-risk levels.
3. Compliance with Sanctions: Platforms may use block lists to comply with international sanctions and regulatory requirements, not accepting cards from certain prohibited countries.
4. Product and Service Customization: Platforms can customize their services for specific markets or card types, excluding some BINs from their service.
5. Data Analysis: BINs are used to collect analytical data on the distribution and usage of cards to improve products and services.

Thus, card BINs play a key role in the management of financial transactions, ensuring the security and compliance of financial operations with the regulators’ requirements and company policies.