Monica Eaton, Founder of Chargebacks911 and a globally-recognized leader in the payments and finance space, was recently quoted in a new feature for Reader's Digest.
Reader’s Digest is America’s fourth-largest magazine by circulation. After nearly a century in publication, RD stands out more than ever in today’s cultural landscape due to the themes of optimism, faith, heroism, trust, humor, and wellness featured within their pages.
In the payments technology space, a BIN, or “Bank Identification Number,” is a unique number that identifies different financial institutions. It's key to helping ensure that electronic payments get routed to the right banks.
“Many consumers think that their card numbers are totally random, but that’s not actually the case,” as Monica explains in the post. “If you pull a credit card out of your wallet and look at it, the first number is probably 3 through 6, which are the numbers usually reserved for personal banking, payments and finance.”
However, fraudsters have developed methods of taking advantage of BINs for their own purposes.
As explained in the piece, fraudsters can use the uniform BIN system to just generate fake account numbers. Eventually, but sheer odds of probability, some of those numbers will prove to be valid. They can then use the made up information to conduct purchases.
