In today’s digital world, fraudsters are constantly evolving their tactics to exploit weaknesses in payment systems. One method that has grown in popularity is called a BIN attack. This is a highly technical and systematic approach to credit and debit card fraud. Understanding how it works can help you stay one step ahead.
What Is a BIN Attack?
A BIN attack (short for Bank Identification Number attack) happens when a fraudster uses a computer program to generate and test card numbers in a systematic way. The goal is to discover valid card details that can be used for unauthorized purchases or sold on the dark web.
How It Works:
- Starting with One Good Card: The attacker usually starts with a known valid card number. They may have obtained this information through a previous data breach or phishing attack.
- Using BIN to Generate New Numbers: Every debit or credit card number starts with a BIN (the first 6 digits), which identifies the issuing bank. Using the known card’s BIN, the fraudster creates new card numbers by altering the remaining digits — often with the help of automated tools or macros.
- Guessing the CVV2 and Running Tests: The attacker also attempts to guess the 3-digit security code on the back of the card (also known as the CVV2). They run transactions using various combinations, typically on merchant websites with minimal fraud prevention controls.
- Looking for Approvals: If a transaction is approved, the fraudster knows they’ve hit a valid combination, and that card is now a target for future fraud. If it’s declined, the card is discarded, and they move on.
Why This Matters
Even if you’ve never shared your card details or clicked on a suspicious link, you could still be at risk. BIN attacks are automated and random, which means they don’t always need a big data breach in order to occur. That’s why we’re always watching for signs of these attacks and taking proactive steps to help keep your account safe.
How to Protect Yourself
Here are a few ways you can help protect your debit card:
- Monitor your accounts regularly for unauthorized charges.
- Set up alerts in your online or mobile banking so you’re notified of suspicious activity right away.
- Temporarily disable your card in your mobile banking app if you see something suspicious or aren’t using it.
- Report any unauthorized transactions immediately to our Customer Care Team at 207-284-4591.
Stay Informed
Education is a powerful defense against fraud. Knowing how BIN attacks work empowers you to act quickly and take steps to protect your financial information.
