What is a BIN attack?
A BIN (Bank Identification Number) attack is when a fraudster attempts to determine if stolen card information can be used to make purchases.
Simply put, bots use multiple card numbers to place orders on ecommerce sites which can result in thousands of orders, potentially costing you thousands in losses, refunds, and resolving disputes with payment gateways.
Why is it a critical issue for Ecommerce Stores?
This is a major problem during peak shopping seasons and sales.
For example, one of our ecommerce clients suffered a BIN attack and received 25,000 fraudulent orders in just three hours!
Fortunately, we managed to block 98% of them. If you don’t have the right protection in place, this situation could rapidly turn into a disaster – potentially pushing a business into bankruptcy.
For instance, payment gateways such as Stripe charge a $25 flat rate for each lost dispute and you also must cover the loss of the purchase.
You can also get your SMTP email server may also be blocked due to the huge number of emails that send and bounce. The damage can be immeasurable.
- Version: 1.0
- Minimum PHP version: 7.4 or higher
- Requires: WordPress 6.0 or higher and WooCommerce 6.0 or higher