Southland News
Understanding BIN attacks and how to protect yourself
Cybercriminals are constantly finding new ways to commit fraud, and one of the most concerning tactics is the BIN attack. A Bank Identification Number (BIN) is the first six digits of a credit or debit card, which identifies the issuing bank or credit union.
A BIN attack involves brute-force techniques to guess valid combinations of credit or debit card information. Once the fraudsters identify a working combination, they proceed to test the card by making small purchases to determine if the card is active and susceptible to fraud.
No financial institution is immune
BIN attacks pose a risk to all financial institutions. While you cannot stop cybercriminals from attempting these attacks, you can take proactive steps to protect yourself. One of the most effective ways to detect fraudulent activity early is by setting up transaction alerts. These alerts notify you via email or text message whenever a transaction occurs.
A real-life example of BIN fraud prevention
Consider the following real-world scenario.
A Member received a text message alert stating:
“Pending charge for $15.34 on 02/21 19:36 CST at MERCHANTABC, 8001112222, CA for Visa Debit card ending in 1111.”
The Member did not recognize the transaction or the vendor and immediately took action to secure their account. Using the Southland CU mobile app, they:
- Logged into the mobile app and blocked the compromised card via the card management feature.
- Reviewed their transaction history within the app. Interestingly, the suspicious charge did not appear in the history because the cybercriminal immediately returned the item to avoid detection.
- Contacted Southland immediately to permanently cancel the compromised card and obtain a new card.
As a result of these actions, the Member did not suffer any financial loss and successfully prevented future fraudulent transactions. They even received the replacement card on the same day.
Without transaction alerts, the Member would have been unaware of the fraud attempt. This incident underscores the importance of signing up for alerts as a crucial tool in the fight against fraud.
How you can prevent BIN attacks
While you cannot prevent cybercriminals from launching brute-force attacks, you are not entirely powerless. Here are some effective measures you can take to detect and mitigate potential threats:
- Enable transaction alerts: Set up alerts for all purchases, even those as small as one cent, to catch suspicious activity early. To enable alerts, log into your Digital Banking account online or in the app. Navigate to Tools, then Manage Cards. Select Alerts and Controls. Click the pencil to change your card alerts. Click the toggle to enable alerts for all transactions. You can also set up other account-related alerts in the Alerts section of the Tools menu.
- Use Multi-Factor Authentication (MFA): Opt-in for security features that require something you know (password) and something you have (mobile device) to access your account. To enable MFA, log in to your Digital Banking account in a web browser. Navigate to Tools, then Security. Select your two-factor authentication settings to enable enhanced security on your account.
- Shop securely online: Only make purchases from merchants that use Verified by Visa (VBV) or Mastercard SecureCode (MCSC). These services prompt cardholders to enter a one-time password for added security.
Stay vigilant against fraud
BIN attacks are a growing concern, but by staying informed and taking proactive security measures, you can significantly reduce your risk of falling victim to fraud. Setting up alerts, using secure authentication methods and shopping responsibly online are all simple yet powerful steps in safeguarding your accounts.
Take action today—enable transaction alerts and fortify your defenses against cybercriminals.