Bank Bins Are Vital Against Fraud

When you talk of bank bins, the first thing that comes to mind is fraud due to credit card purchases

. Bank bins are utilized to verify all sorts of information before an individual goes into the process of conducting online transactions using electronic cards of different types and categories. However, many account holders are not aware of the gravity of bank bins when it comes to fighting against fraudulent transactions that steal money not only from markets and industries, but even to the account holders themselves. Just how vital are bank bins when it comes to the struggle against scams, hoaxes, and deceptions?

How Bank Bins are Valuable

With the mere swipe of a card in a machine, any purchase can be validated through a person that knows the PIN, no matter who uses it. When these are used for online transactions, the cardholder will not be liable for damages in case of fraud. You, as a business, will absorb the costs even if it is not your fault. But with bank bins at your disposal, you can check bank or account information before it is processed for payment. Bank bins can protect you from fraud because you can check various data such as the picture of the account holder, birthday, address, and other sensitive details that only the account holder could know. Even though the risks are high for online merchants, bank bins will help them minimize occurrences of fraud issues.

Why Bank Bins are Vital

There are certain reports coming from many nations about fraud cases that cost millions of dollars that cripple many businesses, which could have been minimized if bank bins have been utilized back then. In 2006, UK has reported that card fraud costs rose up to $712 million, which comes from various sources. At the beginning of January 2010, the Federal Bank of Boston reported that the US owns 609.8 million credit cards, which does not include the count of gift cards and debit cards. With their population of 308,745,538 in the same year, you can see that bank bins can be utilized with an average of almost 2 credit cards per person. The American Bankers Association have shared that $2.5 trillion are used for global transactions, which are done in over 24 million locations in 200 countries. These demographics can demonstrate you how many people will benefit when using bank bins for their business.

Bank Bins Can Prevent Fraud from Happening

Aside from the fact that bank bins can avoid international settlement of fraud cases that are next to impossible to accomplish, bank bins can also avoid fraud from occurring. Because bank bins can access bank and account information, you can provide convenience to customers while protecting them from potential transaction dangers. Using bank bins can give them the favor of having their data verified without actually asking it from them over the phone, which can be quite awkward for them. With many businesses using this service for their advantage, the fight for fraud can be pushed to a level that scammers will find it difficult to swindle accounts in the near future.

by: Gen Wright

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