Bin Database- Your Efficient Tool For Financial Fraud Prevention

Bin database is an ideal tool for every business relying on internet based business transactions

. What the bin database does to the business is similar to what the firewall does to your system. With an efficient bin database one can search the information on the cardholder and check his credentials. The bank identification number shortly referred to as BIN is the authenticated identity source for cards with either chip or magnetic strip or both. Bin database enlists the details of almost all international credit or debit cards which can be tracked down like Visa, MasterCard, Maestro, American Express, China Union Pay, JCB, Discover, laser etc.

Why do you need bin database?

Financial transactions are no longer confined to the walls of the brick and mortar branches of the bank. They are increasingly becoming online with the best buying options thrown open to the customers through the virtual world. Along with online buying sprees, frauds and financial crimes have also increased. A vigilant merchant can ensure the safety of his business through careful monitoring of bank identification numbers. A bin database is a must for an efficient fraud detection and prevention.

How to use the bin database?

It is fairly simple to search using a bin database. Provide the first six digits of the card in the stipulated field and click enter. The search option will return you the results with all data with the information sorted out in 11 fields. However the search can be carried out only for ten times in a day. Also the obsolete details may remain in the bin database making your searches more cumbersome.

Features of a good bin database

An ideal bin database stores and retrieves all information regarding the country of issuing bank, bank name, funding nature as to whether debit, credit etc. The database also returns you details such as phone number, city, website of the issuing bank, service provider etc.

Bin database- how it works to detect frauds?

The bin database search equips the merchant with sufficient information to be linked to other security measures and helps to stop any suspicious financial transactions attempted online. For example, when the country of issue of the card is different from the one where the goods are to be delivered, it can be a possible scenario of online banking fraud. Such detection can make the merchant more vigilant in checking the order and screening it for authenticity before proceeding to comply with the order.

Why Bin database is an efficient fraud prevention tool?

Checking the bin database allows the merchant to identify a fake card from an original one. A good monitoring system which ensures the blocking of fraudulent transactions is a must for keeping a high customer chargeback ratio. A high customer chargeback ratio can seriously hamper the business. Bin database is a good support for such vigilant measures and preventing any fraudulent financial attempts by miscreants. Personal information of the cardholder in the bin database can be used to check the authenticity of the online transaction.

by: Gen Wright

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