Preventing Online Credit Card Fraud With Bank Identification Numbers

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Preventing Online Credit Card Fraud With Bank Identification Numbers

Posted On : Jun-12-2011 | seen (653) times | Article Word Count : 558 |

The BIN database can be effectively used to combat credit card related frauds subjected to a few conditions. Some of these include the following.

With fraudulent credit card transactions trapping bearers completely unawares, the Bank Identification Number Database or the BIN database has proved to be a very handy tool. It helps do away with credit card transaction frauds. The BIN is actually the first six digits of your credit, debit, prepaid, or gift card number which is used for facilitating any and every transaction you might be carrying out through them.

The number represents the bank and the issuer of the card for due validation prior to transaction. Therefore, if your customers are using their cards to buy stuff from you, the BIN is the easiest tool which will help you identify the card and the issuer of the same. So, a BIN system can successfully correlate customers with the purchases and you can provide instant approvals too. But, it is crucial to have an up-to-date and authentic BIN database so that customer information can be verified for preventing credit card frauds.

Factors Responsible

The BIN database can be effectively used to combat credit card related frauds subjected to a few conditions. Some of these include the following.

* Accuracy Of Database: A lot would depend on how accurate the BIN database is. Most trusted databases would be more than 99 percent accurate, provided you choose correctly. Hundred percent accuracy is virtually impossible. But, most accomplished databases would be updated and monitored on a regular basis. A user should prefer a database which provides comprehensive information like the country of residence along with BIN numbers. Verification would be next to impossible without complete details. Most records are provided by the online merchants who are responsible for processing online credit card payments. Financial institutions and banks also provide records.

* Ease Of Usage: Ideally, a professional BIN database would be one which is extremely easy to use. They would adhere to a predefined format which can be easily used along with any programming language.

* Quality Of Records: A paid BIN database will always showcase high-quality records than the ones provided by free databases. There will be no spelling errors whatsoever and therefore automatic filtering would be accurate. Always look for a BIN Database which has been awarded the ISO certification, which is a hallmark for quality standards. Moreover, databases of repute would also be happy to extend help with regard to BIN correction and tracking down BINs which have not been found. They provide free support too as and when required. Updates are also provided on a regular basis.

* Mode Of Payment: It is important to check on the mode of payment supported by a particular BIN database. It is easier to choose the one that supports quite a few so that you can buy one with ease.

* The Cost Involved: There could be different rates for single licenses and bulk usage. Usually, a onetime fee would be charged in both cases. You can avail of free updates for a designated period of time and the unlimited number of members would generally be allowed for a bulk purchase. It is important to assess the rates offered by several database providers and then take a call. Not necessarily should you go with the lowest possible rates. The quality of the database should also be taken into consideration.

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<h1>Preventing Online Credit Card Fraud With Bank Identification Numbers</h1> Author: <a href='http://www.articleseen.com/profile_Anna Edwards.aspx'>Anna Edwards</a> With fraudulent credit card transactions trapping bearers completely unawares, the Bank Identification Number Database or the BIN database has proved to be a very handy tool. It helps do away with credit card transaction frauds. The BIN is actually the first six digits of your credit, debit, prepaid, or gift card number which is used for facilitating any and every transaction you might be carrying out through them.

The number represents the bank and the issuer of the card for due validation prior to transaction. Therefore, if your customers are using their cards to buy stuff from you, the BIN is the easiest tool which will help you identify the card and the issuer of the same. So, a BIN system can successfully correlate customers with the purchases and you can provide instant approvals too. But, it is crucial to have an up-to-date and authentic BIN database so that customer information can be verified for preventing credit card frauds.

Factors Responsible

The BIN database can be effectively used to combat credit card related frauds subjected to a few conditions. Some of these include the following.

* Accuracy Of Database: A lot would depend on how accurate the BIN database is. Most trusted databases would be more than 99 percent accurate, provided you choose correctly. Hundred percent accuracy is virtually impossible. But, most accomplished databases would be updated and monitored on a regular basis. A user should prefer a database which provides comprehensive information like the country of residence along with BIN numbers. Verification would be next to impossible without complete details. Most records are provided by the online merchants who are responsible for processing online credit card payments. Financial institutions and banks also provide records.

* Ease Of Usage: Ideally, a professional BIN database would be one which is extremely easy to use. They would adhere to a predefined format which can be easily used along with any programming language.

* Quality Of Records: A paid BIN database will always showcase high-quality records than the ones provided by free databases. There will be no spelling errors whatsoever and therefore automatic filtering would be accurate. Always look for a BIN Database which has been awarded the ISO certification, which is a hallmark for quality standards. Moreover, databases of repute would also be happy to extend help with regard to BIN correction and tracking down BINs which have not been found. They provide free support too as and when required. Updates are also provided on a regular basis.

* Mode Of Payment: It is important to check on the mode of payment supported by a particular BIN database. It is easier to choose the one that supports quite a few so that you can buy one with ease.

* The Cost Involved: There could be different rates for single licenses and bulk usage. Usually, a onetime fee would be charged in both cases. You can avail of free updates for a designated period of time and the unlimited number of members would generally be allowed for a bulk purchase. It is important to assess the rates offered by several database providers and then take a call. Not necessarily should you go with the lowest possible rates. The quality of the database should also be taken into consideration.About the Author: If you are in quest of an accomplished ISO certified <a rel="nofollow" href="http://www.bindb.com/bin-database.html">BIN database</a> for preventing credit card frauds and verifying <a rel="nofollow" href="http://www.bindb.com">bank identification number</a>, simply visit www.bindb.com. You are likely to access one of the most current BIN databases through this link. Article Source: <a href='http://www.articleseen.com/Article_Preventing-Online-Credit-Card-Fraud-With-Bank-Identification-Numbers_63984.aspx'> http://www.articleseen.com/Article_Preventing Online Credit Card Fraud With Bank Identification Numbers_63984.aspx</a>

Article Source : http://www.articleseen.com/Article_Preventing Online Credit Card Fraud With Bank Identification Numbers_63984.aspx

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If you are in quest of an accomplished ISO certified BIN database for preventing credit card frauds and verifying bank identification number, simply visit www.bindb.com. You are likely to access one of the most current BIN databases through this link.

Keywords : BIN database, bank identification number,

Category : Internet Business : Ecommerce

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