How to check if a valid credit card number is really there? In a world where frauds and scams are increasing on a day-to-day basis, it is no surprise that people are having a hard time verifying if a particular number belongs to a legitimate credit card or not. You see, these “fake” credit cards actually generate identical fake credit cards numbers that are completely random as well. While, say some fake credit cards are just basically implying that such a fake card number is generated utilizing the same numbering formula as of those of actual credit cards that can easily be done by just assigning specific credit card number prefixes to certain account numbers. But, how do you know that it's not a fraud? Here are some ways for you to identify these bogus and fraudulent credit cards.
The first thing that you can do to check if a particular credit card digit is really a valid credit card number is to use what's called the Luhn algorithm. This is a mathematical algorithm used in processing and verifying various kinds of financial transactions, including online ones. Using a special database known as the Luhn System (designed by Luhnheimer and Schoenewink), the numbers generated by the algorithm are categorized into groups. These numbers can then be sorted and separated from each other according to whether they fit into a valid credit card number category.
If all the digits in a certain group of grouped numbers fit into a valid credit card number category, the group is considered to be a valid credit card number. However, if more than half of these digits do not match what is expected, the grouping is considered to be invalid. To deal with this kind of situation, the issuer may require you to either enter a security pin number or supply the Bureau with your security pin number in order to process the payment. In order to determine which group a card belongs to, the Bureau sends the payment information in an electronic format, known as an EIN, to the authorized party.
Another way that the Bureau processes payment information is through what is called a check digit. This is a group of numbers, which, depending on the kind of check digit used, could either be a valid credit card number or a check digit group that does not belong to a valid credit card number. If the check digit is a group that does not belong to a valid credit card number, the Bureau will perform a match using the security pin that you provided when you placed the card on the credit or debit card terminal. The Bureau then performs a check to make sure that the check digit is indeed a valid credit card number. If it is, the issuer then issues the credit or debit card.
To generate valid numbers, the processing of debit and credit cards must go through a major industry identifier (mii). There are currently three major industry identifier (mii) systems that the BIN process uses. These systems are: The Automated Clearing House Identification (ACHE), the Electronic Data Interchange (EDI) and the Uniform Resource Locator (uri) systems. Because all transactions involving money and monetary flows are processed through these three systems, they are considered the authoritative source for processing checks and other transactions. Transactions processed through these sources are matched with banking information, including account number, type of payment, bank routing number, account balance and banking statement to verify the legitimacy of the transaction.
While the matching of a check digit and an issuer identification number is done manually by the Bureau, there are more sophisticated techniques available to speed up this process. One such technique is to use a machine called a credit lookup system. This machine can quickly perform a comparison between the debit or credit cards that are being processed using the automated clearing house system. If the two cards do not match, then the transaction is rejected. This makes it nearly impossible to process a credit or debit card without a matching number. Another such automated method for matching debit and credit cards is to use the major industry identifier, the MSS number, which is only generated once the MTCR (mother company reverse) code is entered into the computer.
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