Many merchants, businesses, and consumers rely on credit and debit cards for daily transactions. But with the rising popularity of cards comes the increased risk of cases of fraud, which could spell disaster for merchants when chargeback ratios rise and profits plummet. Hence, security measures are put in place to protect all the parties concerned. 

The initial string of numbers on your card make up the Bank Identification Number (BIN), which can be used to identify the card’s issuing bank or institution. What do these numbers mean and what role do they play in business transactions? How do these numbers help merchants?

Here’s what you need to know about Bank Identification Numbers and their uses.

Full Text:
https://www.chargebackgurus.com/blog/bank-identification-number

©Chargeback Gurus 2021
Production: Emily Woodward
Narration: Sarah Rife