Enzoic unveils BIN Monitoring to reduce credit card fraud

Enzoic released its Payment Card BIN Monitoring service designed to help banks and credit unions prevent card fraud through real-time exposure data.

The solution harnesses Enzoic’s proprietary Dark Web intelligence to scan for credit and debit cards associated with financial institutions’ BINs (Bank Identification Numbers), providing immediate notification of any breaches containing the digits.

Payment cards can be exposed as a result of data breaches, phishing scams, and malware attacks, and their fraud is a growing and costly problem, with the US projected to reach $12.5 billion in related losses by 2025. The threat is compounded by the fact that current card fraud solutions introduce significant user friction or result in false positives—for example, incorrectly flagging a consumer traveling internationally and blocking future purchases as fraudulent.

In addition, fraud insurance is primarily designed for large scale breaches, meaning that financial institutions are often responsible for covering the smaller card compromise that occurs more frequently. With a new person falling victim to identity theft in the US every 14 seconds, this could quickly become an expensive undertaking.

Enzoic’s BIN Monitoring service offers a novel approach to the card fraud problem, enabling financial institutions to act at the first sign of compromise to prevent any fraudulent purchases. Because the solution only requires banks and credit unions to register their BINs, customers’ account details remain protected while Enzoic scours the Dark Web for compromise. Features include:

• Real-time alerts: Notifications of exposure are delivered in real-time via a secured, encrypted Webhook, with flexible deployment options to accommodate various security requirements.
• Easy integration with minimal resource demands: The solution seamlessly integrates into new or existing workflows for easy implementation—making it ideal for smaller financial institutions that lack significant IT resources.
• Ongoing threat intelligence: Enzoic’s threat research team ensures the most comprehensive and dynamically updated collection of compromised card data available.

“Financial institutions have been largely reactive to credit card fraud. Our new BIN Monitoring solution enables them to finally get ahead of this threat —and the financial headaches it causes,” said Mike Wilson, CTO, Enzoic. “As banks and credit unions are notified within a matter of seconds, they can act before threat actors have time to initiate a fraudulent transaction. This helps strengthen customer trust and loyalty, particularly as the enhanced security comes with zero additional user friction.”

According to Blake Rodemeyer, Director of Information Services at Linn Area Credit Union, one of the early adopters of Enzoic’s BIN Monitoring service, “We’ve entrusted Enzoic with the crucial task of monitoring the Dark Web for any potential exposure of our card numbers in 3rd party data breaches. It’s reassuring to know that we have a proactive system in place that keeps a vigilant eye on potential exposures, ensuring our members are protected from fraud.