Are Bank Identification Numbers 100% Accurate?

Before you invest in a bank identification number lookup

, you may want to know whether it is 100% accurate. After all, you don't want to waste your money on something that may not be very effective. This is especially the case when you find out that the bank identification numbers list you are presented with isn't the official database. It can make you worry that all these BIN number companies care about is your money. However, the main thing that you need to understand is that unofficial databases can still protect you against fraud.

Understanding the Accuracy of the Bank Identification Numbers List

No bank identification numbers list is 100% accurate. This includes the official database. The reasons for this include:

Details May Not Have Been Updated

Cards May Have Only Just Been Issued

If a consumer updates their address or phone number, the details may take a while to be updated on the system. So if a customer makes a purchase that the BIN numbers database has flagged as potentially fraudulent, it could be because they have recently moved and so the area they are using the card in may not match the area that the card is registered to. If you are dealing with the customer offline then you can ask for additional ID. If you're dealing with them online then you can set the system to decline the transaction.

The rule is that it's always better to be safe rather than sorry. Setting the bank identification numbers check to reject all potential fraudulent transactions can be a smart move. Yes it might lose you a little business if it rejects a payment that wasn't fraudulent, but on the other hand it could potentially save you your business reputation and more profits in the long term.

It could also be that the card might have only just been issued. New cards can also take a while to go onto the system. While no bank identification number checker is 100% accurate, they are still much better than having no checker at all!

Using a Bank Identification Number List to Your Advantage

It's possible to use a bank identification number list to your advantage. If you run quite a small business then you might feel confident that there won't be many fraudulent transactions made in your store. In this case a free version of a bank identification number list may be just what you need. You will need to input the numbers manually as and when you see fit. There will also usually be a limit of around 10-15 searches per day.

On the other hand, if you run a medium to large business you wouldn't have time to manually enter all of the card details that are used on a daily basis. In this situation you should install the system so that it scans all credit and debit cards automatically.

The bank identification number lookup will show you whether there are any concerns about each transaction that is made. From there you can choose whether or not to accept the payment. It never hurts to be careful!

by: Gen Wright

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