Payment card BIN monitoring

One of the primary ways credit card information can be leaked is through data breaches. Data breaches occur when unauthorized individuals gain access to secure databases and extract sensitive information, which can include credit card numbers, expiration dates, and CVV codes, among other personal data. These breaches can occur in all sectors including retail, finance, healthcare, and online services. Once the data is compromised, it can be sold, traded, or used for fraudulent activities, often appearing on the Dark Web subsequently.

A BIN/IIN attack is when a cybercrimnal uses brute-force computing to guess and uses an accurate combination of a debit or credit card number, Card Verification Value (CVV), and expiry date. Once this has been completed and the fraudster acquires the right information, they use the card to commit fraudulent transactions in the cardholder’s name or sell the exposed cards on the Dark Web. A botnet can quickly test hundreds or thousands of combinations.

The exposure of card information through data breaches and BIN attacks poses severe challenges for issuers. Financial institutions bear the brunt of the consequences, facing both financial and operational repercussions. They are responsible for absorbing the cost of fraudulent charges resulting from BIN attacks, which includes not only the financial losses but also the associated operational and business costs. The repercussions extend to dealing with chargebacks, managing increased call center activity, and undertaking the process of card re-issuance.

Moreover, these breaches and attacks inflict damage on an institution’s reputation, leading to a loss of trust among cardholders and a resulting long-term impact on customer relationships. Additionally, financial institutions experience losses in interchange revenues, including less favorable interchange rates in a response to high amounts of fraud.

Once a compromised card is identified, financial institutions can take several immediate actions including blocking suspicious transactions, increasing scrutiny on the affected accounts, notifying the customer, reissuing a new card, and updating their fraud detection models. Moreover, the institutions can work with law enforcement agencies to address the compromise and investigate its origins.

Absolutely. Enzoic designed this service for flexibility and can seamlessly integrate into new or existing workflows, including SIEMs, card management, customer communication management, and even proprietary systems. This ensures minimal resource demands and allows for easy implementation within your existing security infrastructure.

Enzoic’s real-time alerting system notifies financial institutions the moment breaches containing credit card numbers associated with their BINs are found. Customers have used the alerts to create automated and tailored actions, including automatically disabling cards or notifying customers.