Bin Database Lookup Helps In Identifying Fraudulent Activities

The Bank Identification Numbers allow you to identify the origin and the authenticity

of different types of cards provided by different financial institutions. If you are wondering as to which numbers represent the BIN then you must know that the first six digits of the card provided to you by the financial institution comprise of the BIN. However, you can well imagine that if all financial institutions provide unique BIN to their customers then obviously there has to be a BIN database to maintain this huge array of numbers.

The BIN database provides you with various benefits and it is highly essential that you do know about this database and the way to use to for your convenience. The first essential thing that you must understand about the database containing BIN is that it is updated daily to ensure that all modifications and updates related to BIN is up to date.

To understand the importance of this database let us assume that you are a merchant and someone is buying your products and paying through credit or debit card. However, if the transaction amount is very high then you would obviously want to make sure about the validity and the authenticity of the card. The database of BIN allows you to verify the card provider details and the authenticity.

If you are a merchant who is selling on the internet then the BIN database comes in handy to ensure that you are protected from online fraud. Bin database validation ensures that the person who is ordering your product online is a genuine person and the card that he or she is using is authentic. With BIN database checker, you will be able to verify the card type and the issuing financial authority and you will have additional information about the user as well to verify against the details provided by the user. This is the only way through which you will be able to safeguard yourself from online transaction fraud.

Customers can issue chargeback if the item ordered was not authorized by them. This means that you will lose not only a customer but also credibility. Moreover, if the number of chargeback exceeds a certain percentage then your merchant account might get suspended as well.

Therefore, it is highly essential that you do verify the authenticity of the card used by the buyer to ensure that the transaction is completely authorized by the rightful owner of the card. Since there are different types of BIN databases, it will be easier for you to identify the type of card and the validity and authenticity of the user.

For example, you have a separate din database for American express and separate visa bin database. So, if the buyer specifies that the card he or she is using belongs to the Amex or Visa then using the specific database will inform you if the information provided is accurate or not. It is always better to be safe than sorry so use and knowledge of BIN database becomes essential for everyone to safeguard themselves from fraud.

by: Gen Wright

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