BIN Attacks: What are They? (And How to Avoid Being a Victim)

BIN Attacks: What are They? (And How to Avoid Being a Victim)

Cybercrimes are more popular than ever and the reason is simple – EASY MONEY.

By now most of us know how to protect ourselves from many of the common scams that cybercriminals use to steal identities or money. But now cybercriminals have discovered a new way to steal your money. It’s called a BIN attack. A BIN attack is a new type of credit card fraud, and it works differently than the scams you are probably familiar with.

What is a BIN attack?

Bank Identification Number (BIN) attacks are a type of fraud in which cybercriminals use stolen credit card information to make unauthorized purchases or transactions. BIN attacks are becoming increasingly popular with criminals.

The BIN is the first six digits of a credit or debit card number that identify the issuing bank or financial institution. BIN attacks typically involve using automated tools to generate fake credit card numbers that include valid BINs, which can be used to bypass certain fraud detection mechanisms. BIN attacks use brute-force computing to generate valid combinations of credit card numbers, expiration dates, and card verification value (CVV), numbers.

Types of BIN attacks

There are several different types of BIN attacks, including:

Authorization Testing: This involves using a large number of generated credit card numbers to test whether they will be authorized for transactions. Once a card number is successfully authorized, it can be used for fraudulent purchases.

Carding: In this type of attack, cybercriminals use stolen credit card numbers to purchase goods or services that can be easily resold for cash. This type of attack often involves the use of online marketplaces or social media platforms to sell the purchased goods.

Refund Fraud: This involves using stolen credit card information to request refunds for purchases that were never made. The refunds are then deposited into the attacker’s account.

Dark Web: Cybercriminals use BIN attacks to generate valid credit card numbers and then sell valid credit card numbers on the dark web.

Here are some tips to help you avoid BIN attacks

Monitor your credit card statements often

Check your credit card statements regularly to make sure all transactions are legitimate. If you notice any unauthorized charges, report them to your credit card company immediately.

Use a virtual credit card if available

Some credit card companies offer virtual credit card numbers that can be used for online purchases. These numbers are typically valid for a single transaction and can help protect your real credit card number from being stolen.

Always use secure websites

When making online purchases, only use websites that are secure and trusted. Look for the “https” in the website address and the padlock icon in the address bar to ensure that the site is secure.

Protect your personal information

Be cautious about sharing your credit card information online or on unsecured websites. Don’t provide your credit card information over email or social media.

Beware of phishing emails

Never click links in emails that ask you to change your password, check your personal information, or make any kind of changes to your bank or credit card accounts. If you’re not sure, visit your banking or credit card site by typing in the URL to the bank or credit card site. NEVER click links in emails that ask you to change any info on any account that deals with money.

Use strong passwords

Use strong, unique passwords for your online accounts, including your credit card accounts. Avoid using the same password for multiple accounts. Better yet, use a good password manager. All good password managers (Bitwarden, RoboForm, LastPass, etc.) have password generators that can generate and remember extremely strong passwords.

Enable two-factor authentication

When possible enable two-factor authentication for your credit card accounts to add an extra layer of security. This will require you to provide a second form of verification, such as a code sent to your phone or email, when logging in to your account.

The more informed you are the safer you’ll be!

By using the suggestions in this article, staying informed, and by being careful, you can reduce your risk of becoming a victim of BIN attacks and other types of credit card fraud. If you suspect that your credit card information has been stolen, report it to your credit card company immediately to minimize any potential losses.