As a merchant, business individual, or a consumer of products. You will need to rely on your credit card and debit card for your transactions. But the issue we have currently, there is an increase ...
As a merchant, business individual, or a consumer of products. You will need to rely on your credit card and debit card for your transactions. But the issue we have currently, there is an increase in the popularity of these cards. With this increased numbers, there is an increased risk of fraud cases. This has been troublesome for merchants and business men. It affects the business, making them lose profits. Hence, there is an increased security measure.
Issuer Identification Number/ Bank Identification Number is a tool. That provides accurate information about credit or debit cards. Information like card type, card brand, issuer’s industry, details about the owner. Each issuing institution have its own special Issuer Identification Number/Bank Identification Number. Bank Identification Number is very important to merchants as it can avoid fraud. Except you are ignorant merchant, then you will lose profits.
The rest of the digits found on the card, that doesn’t fall under the Bank Identification Number. These numbers are either the Individual account Identification number. While the last number on the credit card is called the Luhn Check Digit. It is a single check number generated using Luhn Algorithm. This is used for verification of credit card numbers. You can experience it with this completeIssuer Identification Number/ Bank Identification Number is a tool that provides information.
Bank Identification Number helps merchants and business to identify the purchaser. It helps to confirm online validation for merchants. Bank Identification Number data protects merchants and Business individuals. From fraudulent activities.
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