BIN or Bank Identification Number refers to the first 6 digits of a debit or credit card. Merchants can learn a lot about their customers, like in which country they are located or the card type brand or level they use, as well as which is their issuing bank name and country.
A mismatch between the issuing bank's country and the billing address is in most cases an indication of fraud. Also, the card type in certain cases is very helpful, for example, when a pre-paid card is used for a subscription service, it could be an indication that the card will not be funded in future installments. All of this becomes relevant when you are looking to implement an automated fraud management process.
Depending on your business characteristics, you can consult with our risk team to set up BIN Lookup rules to prevent fraud before it occurs.