Bin List Being A Necessity Of Today

If we look back a few years, the word bin was just associated with a dustbin or a recycle bin

. However, now when we hear of the bin list, the thing that comes in mind is the bank identification number. This is mainly because every person is aware of online fraud, and is always working to protect himself from being a victim of it. A bin list is used for the same purpose, to keep oneself away from any kind of fraud.

How do Companies Make Use of the Bin List

So the need of a bin list has arisen with the rising chances of fraud that usually occurs with the use of credit cards, in online and offline transactions. The thieves can steal the credit cards, and by getting the security code they can misuse the card, resulting in a heavy loss to the card owner or to the retailer since they would have to pay charge back. To avoid all these problems, there came a solution as the bin list. It provides the verification of all credit cards, about which of them are valid for transactions and which are not.

Once the companies get a bin list database on their system, they get the whole bin list, with which they also get aware of all the previous transactions made on a particular credit card. With the help of the bin list, they can also find out the bank which issued a particular credit card, and the location and country of that bank. This is because each credits card's bank identification number is different and is represented in the bin list.

Preventing Fraud using the Bin List

Now since the rate of online fraud is rising, almost all the companies have added the bin list database as a part of their security. Not does this protect them from loss, but also their customers. Customers see this as a positive point. So, when a card gets stolen, the card owner reports it immediately to the bank which issued the credit card. Once it is considered stolen, it is termed as invalid in the bin list. Invalid cards are refused transactions, and so when the thief goes with the stolen card to make any transaction, he is immediately caught.

This measure to slow down the activity of the criminals was and is, very important, because if such measures are not taken, they will go wider and wider into creating problems for the population.

Installing the Bin List Database

To get the bin list with its upgrading done on frequent basis, it is important for all companies to have the bin list database. A number of bin list database providers are available, and it is important to choose a well known one, so that you stay free of worries by handing over this security task to him. After all, it is a step to protect your company from facing huge losses at the hands of frauds, and other online criminals, whose activities are increasing day by day.

by: Gen Wright

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