To protect your business and customers, it’s essential to understand how BIN attacks work and how to detect them. By understanding the intricacies of BIN attacks and implementing proactive measures, you can not only fortify your company’s defenses but also safeguard sensitive data and maintain the trust of your customers.
On this page, we’ll explain everything you need to know about BIN attacks, shedding light on their nature, the techniques employed by fraudsters, and, most importantly, how you can protect your business from falling victim.
A Bank Identification Number (BIN) is the initial set of 6/8 digits at the beginning of the lengthy number series displayed on the front side of a payment card. These digits are also known as the issuer identification numbers. The purpose of the BIN is to identify the entity that issued the card and ensure that the payment processing system can accurately direct the payment for verification, reconciliation, and finalization.
BINs facilitate seamless reimbursements and reverse charges, but they also play a crucial role in countering types of online payment fraud by verifying the location of the cardholder and matching it with the individual attempting the payment, all the while maintaining the security of data.
In a BIN attack, bad actors employ brute-force computing techniques to systematically guess a valid combination of credit card number, expiration date, and card verification value (CVV).
While an individual might attempt to guess these details one at a time, a software program can rapidly test thousands of combinations within seconds. Then, once the software discovers a working combination, it can explore other similar variations and leverage them for online purchases, assuming that other cards share the same initial six digits.
The subsequent phase of a BIN attack is known as card testing or “carding”. During card testing, the attacker initiates small transactions to determine if the card is active and whether it has adequate protection against types of online payment fraud.
Many of these attempted purchases are detected and prevented without the cardholders being aware of any suspicious activity on their accounts. However, some of these minor charges may go through. When the scammer identifies a vulnerable card, they can exploit it for further fraudulent transactions or sell the compromised account numbers on the dark web.
There are a number of ways you can detect BIN attacks or carding attacks:
To help prevent a BIN attack against your business, these are some of the best measures you can take:
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