why are bin numbers important 
bins allow merchants to accept multiple payments at the same time they also make payment processing much faster bins help banks and financial institutions identify cards that have been compromised or stolen because it provides information about the type of card being used the type of bank and other information about the issuing company and cardholder the bottom linebank identification numbers are used to identify which payment cards belong to which issuing financial institution but aside from that they help facilitate financial transactions and ensure that consumers are protected from identity theft and fraud that s why it s so important to keep your financial information including your bin confidential remember your bank will never call or send you an email to inform you that your account information has been compromised if you ever receive a call don t engage with the scammer instead hang up and notify your bank you can also file a complaint with the ftc on the agency s website 3