Bank Identification Numbers (bin) Database- The Secret To A Safer Ecommerce World

Bank identification number otherwise known more commonly by its abbreviations BIN

is the new hyped way of protecting one's ecommerce business from the menace that credit card as well as other financial cards fraud has become. The term BIN simply refers to the beginning 6 digits of a credit, debit or gift card. This number is important in giving useful information regarding the card being used. It offers important information regarding the card such as the issuer of the card and the person to whom the card is registered. Recently, as the number of non-bank financial institutions offering financial cards rises, the term BIN has been used interchangeably with IIN (Issuer Identification Number).

BIN and BIN database and why you need them

The bank identification number is an important feature on its own in ensuring security of online transactions involving credit, debit and gift cards. Just knowing the issuer of a credit card and the person to whom the card is registered is by itself a great step in determining how authentic a transaction is. Bank identification numbers also provide information on the type of financial card being used; such as whether it is a credit, debit, secured, and prepaid or charge card, the subtype of the card; for instance whether it is gold, business or electron and the card brand; for instance whether it is MasterCard, Visa or American Express.

When it comes to the total security of online transactions using financial cards, use of the bank identification numbers database is a better deal. The bank identification number database is a system that tracks and keeps records of all bank identification numbers and their details including all online transactions. The bank identification numbers database gets data from banks, online merchants and other reputable financial institutions. You can use the database to carry out a bank identification number lookup. Usually, the bank identification number check will involve carrying out a bank identification number search by cross checking a specific bin number with the bank identification numbers list on the database.

The bank identification number checker is a very important tool in any ecommerce business. Increased instances of fraud or charge backs in your business will drive your customers away from you. This is because they will not feel confident enough to use their financial cards on your ecommerce site due to security threats. Also, fraud can make the business incur huge losses as fraudsters gain access to money from the cards of your clients. Unless you are intent on bringing down your ecommerce business, then you cannot do without a bank identification number database for carrying out bank identification number checks any time someone tries to use a financial card in your business.

Getting a reliable bank identification number database is an important part of doing ecommerce business. You need a database with a high level of accuracy, quality records and regular updates in order to serve the security purpose efficiently. For a bank identification number database that you can trust to keep your business online, join us.

by: Gen Wright

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