Overview of BIN Scamming
BIN scamming is a form of credit card fraud where criminals pose as a bank to purchase goods with stolen cards. One common method is BIN Attack Fraud, where fraudsters obtain a BIN, generate card numbers, and test them with small transactions until they find a valid card.
Signs and Steps in a BIN Attack
- Signs of a BIN attack include minor, repeated transactions from one IP and numerous purchases in a short time once a card is compromised.
- Steps in a BIN attack involve selecting the BIN code for the targeted bank, generating potential card numbers with the BIN, finding a retailer to validate credentials, and making repeated small purchase attempts with each new card number using bots.
Understanding Bank Identification Numbers (BINs)
A Bank Identification Number (BIN) consists of six to eight digits at the start of a card number and is used to identify the issuing bank for directing payments. BINs play a crucial role in verifying location, matching individuals, and preventing fraud while maintaining data security.