Bin Lookup- How It Works

BIN lookup helps you to find details on credit and debit card numbers

. It is currently one of the leading tools that can help a business to protect itself against fraud. The business world is open to many potential problems and fraud is just one of them. The rise in popularity of online businesses has led to an increase in fraudulent transactions. After all, it is easier to get away with fraud online than it is offline.

Why Online Businesses Are More at Risk of Fraud

Online businesses reach millions more people than offline businesses. When you have a store offline, you are restricted to customers who are in the local area. When you own an online store, people from all over the world can buy your goods/services. While this means that your profit potentials are often much better online, it also means that you are more at risk of fraud too. There are so many online fraudsters who make it their mission to target people's personal details.

Another reason why online fraud is so common is because it's easy to steal someone's details and use them online without actually having to have the card with you. As long as you have the details, you can use them to make a transaction. There is nobody there to check that you are who you say you are which makes it a lot easier to get away with.

A BIN lookup will let you detect not only fraudsters offline, but online too. It could literally save you from losing your business through fraudulent transactions.

Can Fraud Really Cause You to Lose Your Business?

It's easy to think that fraud will simply put a dent in your wallet. However, it can have much more serious implications than just profit loss. It shows your customers that you aren't safe to shop with. That you don't take the relevant precautions to keep your business or your customer's safe. Why should they trust you and shop with you when you don't seem to care about what happens to the business?

When you use a BIN lookup, it helps you to spot potential issues involved with various transactions. There could be an error verifying the card, or it could be registered to a different country to where it is actually being used. A lot of the time errors flash up because the details on the database haven't been updated yet. The consumer may have moved and that could be way the details don't match. However, by checking with the BIN lookup, it gives you a chance to question the transaction. Perhaps it is a genuine mistake and the person using the card is the owner. But isn't it better to be absolutely sure first?

If you let a fraudulent transaction through then in the long term it can ruin your business. You may need to increase prices to make up for profit losses. Your customers may turn to the competition because they can't trust you. All in all, you stand to lose a lot if you don't protect your business against fraud. So consider using a BIN lookup list today.

by: Gen Wright

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