Starting in April 2022, credit card companies will begin issuing cards with a new 8-digit Issuer Identification Number (IIN) code or BIN code. This change is in response to the rapidly growing number of credit card users and the need for more unique identification codes.
The new 8-digit IIN/BIN code will replace the current 6-digit code and will be used to identify the issuer of the credit card. This change is expected to improve security measures and help prevent fraudulent transactions, as well as allow for more accurate tracking of credit card usage.
The introduction of the new 8-digit IIN/BIN code is a significant step forward in credit card security and identification. The current 6-digit IIN/BIN code has been in use for decades and has become less effective in identifying the issuer of the credit card due to the increasing number of credit card users. The new 8-digit IIN/BIN code will provide more unique identification codes to individual issuers, making it easier to identify the issuer of the card and prevent fraudulent transactions.
For current credit card holders, this change should not affect the way the credit card usage. Your credit card should continue to work as usual. There is also no changes in the PAN number. It’s still remain 16 digits as the card number, as described in this docs: https://ht.visa.com/dam/VCOM/global/partner-with-us/documents/visa.com-numerics-faq.pdf
The new 8-digit IIN/BIN code is expected to provide more accurate data on credit card usage, which can be helpful for both card issuers and cardholders in managing their finances. Besides, it could provide the e-commerce merchants with more refined information of the card type and issuing bank information.
FraudLabs Pro’s fraud prevention solution supports both 6 and 8 digit IIN/BIN code checking since 2022. If the e-commerce supply IIN/BIN number has 8 digits, we will respond with corresponding 8 digit information. Therefore, no changes are needed for this 8 digit IIN/BIN code in FraudLabs Pro system. You can also visit our free Credit Card BIN Lookup tool to check for details.
In conclusion, the introduction of the new 8-digit IIN/BIN code is an important step forward in credit card security and identification. While the change may require some minor adjustments, it will ultimately benefit credit card users by providing increased protection against fraud and more accurate tracking of credit card usage. Make sure to stay informed about the changes and update your credit card information as needed to ensure a smooth transition to the new system. To stay updated with new technology, you can subscribe to our social network below.
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