Bin Lookup - Increasing Your Transactions Security

Whether you are using a credit card, a debit card or both

, in your experience you must have stumbled across the BIN - Bank Identification Number. Formerly known as the IIN - Issuer Identification Number, the BIN number represents the first six figures imprinted on your card, the way in which the bank identifies its issued cards.

The proper use of a bin lookup

If you are a company owner you should know that every time that your customers make a transaction, a BIN is transmitted through the gadget that you are using. But in that way, you won't be able to tell if the customer is the real owner of the credit or debit card or if it is a high risk one. By using a bin lookup, you will be able to easily find out these things. In a bin lookup, you have to enter those six digits in a bin lookup software; the software will then display more information about the owner, such as its name, its picture and more things about the type of the credit card.

Can I use a bin lookup if I own an online store?

Yes, you can use a bin lookup when administrating an online store. In this case, the bin lookup will be very useful, for you can't see your customers face to face. It is very important to use the bin lookup, for while online you are at a bigger risk of being subject to fraud. Also, you can take advantage of the bin lookup software in order to select your customers and reject the ones that have a high risk history.

For how many types of cards can I use the bin lookup?

No bin lookup software has every type of credit or debit card in its database. In order to for your bin lookup to properly work, you should maybe make a statistics based on what type of personal card do your customers mostly use. You should conduct your research of the bin lookup software with the help of that graph and choose the one that fits you most. Also, you should take into consideration that most bin lookup software work with credit cards issued by big companies. If you only accept those you should be safer.

Is the use of a bin lookup a legal issue?

You should know that by using a bin lookup, you are not breaking any laws. Even though the bin lookup is not usually known by the general public, it is largely used both in the traditional and in the online industry. Many people do not know about the bin lookup existence and that is why you might have had your doubts about its legality.

If you take into consideration everything that's been said above, you should already be convinced about the importance of using a bin lookup software. Do not think that if you own a traditional business you will be safe from harm. Fraudulent attempts can affect everybody on a daily basis and you should know how to keep your loses under control and your safety above everything.

by: Gen Wright

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