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Bank Identification Number (BIN)

by Sonal Shukla

The first four to six numbers on a payment card are the bank identification number (BIN). This string of numbers identifies the financial institution that issued the card. As a result, it associates transactions with the card’s issuer.

BINs can be found on various payment cards, including credit, charge, and debit cards. 1 The BIN system assists financial institutions in detecting fraudulent or stolen payment cards and can aid in the prevention of identity theft. To learn the basics of accounting, click here.

How do Bank Identification Numbers(BINs)  work?

The bank identification number (BIN) is a numbering system developed by the American National Standards Institute (ANSI) and the International Organization for Standardization (ISO) to identify payment card issuing institutions. The ANSI is a nonprofit organisation that develops business standards in the United States. The ISO is an international non-governmental organisation that sets standards for various industries.


Every payment card has a BIN number. This group of four to six numbers are assigned at random to debit cards, credit cards, charge cards, gift cards, electronic benefit cards, and other payment cards. The number is embossed on the front of the card and printed just below it. The first digit identifies the primary industry. The following digits identify the issuing institution or bank. 1 Visa credit card, for example, begin with a four and falls under the banking and financial category.


When customers make an online purchase, they enter their credit card information on the payment page. The online retailer can determine which institution issued the customer’s card after submitting the first four to six digits of the card, including:


The card brand or Major Industry Identifier, such as Visa, MasterCard, American Express, and Diner’s Club
The card level, such as corporate or platinum
The card type
The issuing bank’s country

When a customer initiates a transaction, the issuer receives an authorisation request and checks to see if the card and account are valid and the purchase amount is available. The charge is either approved or denied as a result of this process. Without a BIN, the credit card processing system cannot determine the origin of the customer’s funds and thus cannot complete the transaction.


What is BIN Scamming?

BIN scamming is a type of deception. It happens when a fraudster calls impersonating a bank representative and claims that your account information has been compromised. To gain your trust, the scammer may provide you with information. Once you’re hooked, they try to confirm your card number and begin by asking where you bank. Once they have that information, they will give you the bank identification number and ask you to confirm the remaining digits on the card and any other information you can provide.

In conclusion

Bank identification numbers are used to determine which payment cards are issued by which financial institution. Aside from that, they help facilitate financial transactions and protect consumers from identity theft and fraud. It is critical to keep your financial information, including your BIN, private.


Your bank will never call or email you to notify you that your account information has been compromised. You can also use the FTC’s website to file a complaint. What are cogs? To know more, click here.

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