Bank cards include 1) automated teller machine (ATM) cards, 2) debit cards, and 3) credit cards. The use of the word bankcard in this article refers to one or more of the above types of cards. In some cases additional cards may be considered bankcards such as employee pay cards and unemployment insurance (UI) debit cards.
In all these cases, the cards have numbers on them that are used for a number of banking purposes including user identification, purchase security, protected use, and internal issuer classification(s). This article will discuss the types of bankcard numbers and their different uses.
Types of bank card numbers
1. Complete card number: The complete bankcard number itself is divided into number groupings that include 1) the issuer number, 2) the algorithm validity number and 3) the security check number. (merriampark.com)
2. Account number: The account number on a bank card is usually around 9 digits in length. However, the length can vary between different cards or card types. The reason(s) for this variation in length include number of clients, issuer security standards, and varying internal codes and number classifications.
3. Issuer number: The first digits in the card that typically 6 in number on the credit card identifies the bank or card issuer.
4. Algorithm number: The numbers after the issuer number and before the last number that are used in verification of the card. This algorithm is used to prevent fraudulent creation of card numbers and often follows a simple key where every second number starting at the end of the number is doubled with the new number or 2 digit sum thereof placed beside the numbers that are not doubled. (theartofmakingmoney.com)
5. Check number: The last number of the card used to validate the card number via algorithm.
6. Card Security Code(s) (CVC): The security code on some bankcards are numbers on the back or front of a card that add a layer of protection for the consumer. Security codes provide protection in cases where the numbers other than the card security code have been stolen. (securebmtmicro.com)
7. Expiration date: Expiration date is simply the date in terms of day, month and year at which the card becomes invalid and cannot be used. Expiration dates can be 1 or 2 years from the date of issue and vary depending on the bank's policy. Expiration dates are used because
Bank card number applications
Bankcard number security is very important in protecting consumers and the economy. The combinations of card numbers and features help ensure theft and fraud are reduced by 1) increasing the amount of information a potential thief would have to obtain 2) complicating the creation of bankcard numbers, and 3) matching and confirming identity of user, account holder and issuer. As mentioned previously there are several specific uses for bankcard numbers.
User identification: The specific account number is unique to the account holder and thus helps identify and match the card number to the account holder.
Issuer identification: Bank card numbers also identify where the card account was originated. For example, the bank itself.
Purchase security: To assist the account holder, bank card numbers help prevent theft via 1) number of card number combinations, and 2) additional security code.
Fraud protection: Card issuers also protect themselves from fraud by using a specific number algorithm and number combination.
Bankcard number tips
Bankcard numbers involve more than just the numbers on the card. For the most part the bankcard numbers are for security and identification. To protect these numbers from theft or misuse it can be a good idea to practice a few methods of precaution, some of which are listed below. Bankcard theft, identity theft and bankcard fraud are all serious problems that can cause a lot of trouble if they occur. Taking the correct preventative steps help prevent these things from happening.
• Utilize secure websites for online purchases: Some websites do less to protect purchasers than others. Websites that use secure online purchasing will indicate this on their website.
• Separate numbers: Always keep pin numbers separate from the bankcard; card issuers repeatedly mention this with pin statements and new card information guides.
• Store number in a safe place: It goes without saying a bankcard should be stored in a place only accessible to its user. Otherwise theft of the card is easier for would be thieves.
• Shred statements and documentation: When documentation with card numbers and information are no longer needed, dispose of them safely by shredding them.
Sources:
1. http://www.thetaoofmakingmoney.com/2007/04/12/324.html
2. http://www.merriampark.com/anatomycc.htm#Account
3. https://secure.bmtmicro.com/resources/info/CVV.html
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