Paphos, Cyprus (PRWEB)
September 11, 2017
BinBase.com has recently released an extended BIN database which includes seven, eight, nine, ten, and eleven-digit BINs. This extended database is available for all companies and businesses wishing to further protect themselves from threats of identity and credit card fraud. With this extended database, BinBase has become the first BIN system database provider to offer the extended range of BINs.
BinBase has been a leading provider of BIN systems for over 9 years, allowing businesses the opportunity to protect themselves from cases of fraud and credit card theft. BINs, or bank identification numbers, highlight the country, bank, card type, and category of every card. A BIN system allows businesses to better identify cards as they are being used, to counter possibilities of credit card fraud.
However, the availability of six-digit BINs is quickly depleting with the increase of global credit card usage. Due to this, major card issuers have recently begun migration to seven, eight, nine, ten, and eleven-digit BINs. As of August 2017, 15% of all six-digit BIN numbers have already been transitioned towards various account ranges. By October 2017, clients and processors will be forced to utilize new requirements and regulations coming with these changes. By April 2022, all six-digit BINs will have been migrated over to seven, eight, nine, ten, and eleven-digit BINs.
This migration will render current six-digit BIN system databases obsolete, thus exposing businesses still operating with the six-digit BIN system to risk of identity and credit card fraud. To help prepare businesses for this transition towards higher-digit BINs, BinBase released the extended BIN database that any business hoping to continue to protect themselves must upgrade to.
With the newly offered “Extended License”, BinBase provides businesses with every benefit of the Universal License, alongside seven, eight, nine, ten, and eleven-digit BINs. This new data offered consists of over four-hundred thousand records. With BinBase, clients such as merchants, payment processors, insurance companies and other businesses are offered exclusive access to various account ranges or ARDEF tables. These provide specific information regarding the country where the card is issued, the issuer of the card, and the card type and category.