Are you an online shopper? Amazon gives good opportunity to buy goods online. But it may not be possible for everyone to buy goods by paying through cash. They opt for credit cards and it is only easy way to pay in installments. When you are shopping using credit cards, you will get the benefit of saving money and can pay back in installments.
Credit card has become one of the best tools for e-commerce industry. It is where from huge revenues come for a company. Around 70 percent of the people pay for their goods only through credit card. And that’s a reason you must need to know about BIN number. If you are still puzzled about what is a bin number then look closely at the credit card. It is 4 to 6 numbers on the credit number, issued by American express to prevent thefts and online frauds.
The number helps to identify the bank name where the card has been issued and whether it’s visa or MasterCard. The merchant gets complete transaction details of the same and can easily track the status as it checks the bins list. BIN is a terminology used in online transaction that keeps the transaction to be safe and avoid hacking of data. Bin helps people to make multiple transactions in one go and at a faster rate. It is an authorization used to find if the credit card is valid or not. Many transactions these days are denied which can be tracked easily through the BIN.
This was this incident where a lady withdrew money from ATM nearby her home, but she didn’t get the right amount of money. There was a shortage of money and it was a false report when she got her account balance. This is where the BIN comes to picture and it can easily find where the issue and why it occurred. The bank authorities would have the BIN of credit card and can track this issue easily, they found that the payment has not been made and quickly refunded her money.
When it comes to online transaction, you must not avoid from learning about BIN. It is the only way to safeguard your money and only way to safeguard from hackers. Many people don’t know about bank identification number and not about the cvv number, which is called as the card verification value number. It is also unique number where the user verifies you are the person who have the card with you. Cvv and BIN are very effective when it comes to online money transfer and online shopping.
Recently we have seen in the news about bit coin which doesn’t use BIN and it has been easily hacked by hackers. Around 65 million have be looted by the hackers and it wouldn’t happen with the credit card system because of the complexity and uniqueness when creating the code. Thanks to the creators who have the made the credit card system unique and interesting, moreover to safeguard our hard earned money from the hackers.