Using Binlist for Preventing Credit Card Fraud
BIN is the bank identification number or the issuer identification number. This is a six digit number which is printed on a bank card. This number gives the information about a card's issuer. It gives the information of the bank which has issued the card, the location of the bank and about the card type and brand. This number is used for identifying a transaction's reliability.
A binlist is a tool that is used by businesses to prevent fraud. It is quite a useful tool in prevention of fraud. Credit card frauds can happen any time. Products can be easily purchased online with a stolen credit card and for doing that the person only needs to know the card number and the security code. The problem arises, when the original card owner finds that the card is stolen and asks the bank to get their money back. In that case, the bank issues a charge back and the retailer or the business owner has to refund the full amount to the actual card owner.
The main problem is that the product which was purchased with the stolen card and is already delivered has very little possibility of getting recovered which means the business owner will suffer the loss. Besides the loss, the business owner also has to pay a fee whenever the bank issues a charge back. This is a major problem for all businesses that accepts card transactions. But this can be prevented by the use of bin list database.
Retailers and business owners can make use of a proper bin list search to find card information. This will indicate whether the card is valid or not. For instance, a card which is stolen will be marked as invalid in the bin list, when it will be checked and the transaction will stop there. This is an effective tool which a business owner can employ to prevent fraud.
The bin database contains detailed information about credit cards, MasterCard, VISA cards, Amex cards, etc and when a card transaction occurs, it quickly checks the card in real time, in order to see if the card is valid. If it is found in the bin list checker that the card is invalid then immediately the transaction will be declined. It is always better to prevent fraud than trying to recover the sold goods that have been already delivered.
Retailers who have their own web developers can purchase the binlist for one time and incorporate it with the company's website. After the installation of the bin list or the bin database, business owners should ensure that all transactions are checked with a script before they are approved. If a card fails the check and is found to be invalid, the script should then immediately reject the transaction. There is also another way to use the binlist and it is performing checks by binlist API. This is a simpler method and can also be easily implemented as there is no need for installation of the database on the website.
A binlist is a tool that is used by businesses to prevent fraud. It is quite a useful tool in prevention of fraud. Credit card frauds can happen any time. Products can be easily purchased online with a stolen credit card and for doing that the person only needs to know the card number and the security code. The problem arises, when the original card owner finds that the card is stolen and asks the bank to get their money back. In that case, the bank issues a charge back and the retailer or the business owner has to refund the full amount to the actual card owner.
The main problem is that the product which was purchased with the stolen card and is already delivered has very little possibility of getting recovered which means the business owner will suffer the loss. Besides the loss, the business owner also has to pay a fee whenever the bank issues a charge back. This is a major problem for all businesses that accepts card transactions. But this can be prevented by the use of bin list database.
Retailers and business owners can make use of a proper bin list search to find card information. This will indicate whether the card is valid or not. For instance, a card which is stolen will be marked as invalid in the bin list, when it will be checked and the transaction will stop there. This is an effective tool which a business owner can employ to prevent fraud.
The bin database contains detailed information about credit cards, MasterCard, VISA cards, Amex cards, etc and when a card transaction occurs, it quickly checks the card in real time, in order to see if the card is valid. If it is found in the bin list checker that the card is invalid then immediately the transaction will be declined. It is always better to prevent fraud than trying to recover the sold goods that have been already delivered.
Retailers who have their own web developers can purchase the binlist for one time and incorporate it with the company's website. After the installation of the bin list or the bin database, business owners should ensure that all transactions are checked with a script before they are approved. If a card fails the check and is found to be invalid, the script should then immediately reject the transaction. There is also another way to use the binlist and it is performing checks by binlist API. This is a simpler method and can also be easily implemented as there is no need for installation of the database on the website.
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