Binchecker - Fraud Finder

The credit card binchecker depends on the first six (6) digits of the bank card number

or bank identification number (BIN) that is commonly inscribed at the front part of the credit card. More and more businesses avail of the binchecker today as they try to protect their assets from frauds who use credit cards in preying upon credit card owners. The binchecker is an online application that allows merchants and banking personnel to look up through a BIN database all the details necessary to check the veracity of the transaction made using the credit card presented to them. Today, the most updated online binchecker has over 220,000 records of BINs of credit cards from all over the world. This database which serves as the partner of the binchecker in assessing transactions is updated daily so as to ensure that all the details of the credit card consumers' transactions are kept in check.

The Functions of the Binchecker

One of the most common functions of the binchecker is to check the identity of the bank that issued the credit card as well as the country where the credit card was issued. In case of suspicious credit card transactions, it is also the binchecker that is responsible for identifying all the information about the credit card presented to merchants. A credit card transaction becomes suspicious once the binchecker discovers a mismatch between the details declared by the individual presenting the card and the details suggested by the BIN inscribed in the credit card. Among the credit card details that the binchecker investigates is the subtype of the credit card, which further classifies the card as an electron card, classic, gold, business or platinum. By identifying the brand of the credit card - Visa BIN, MasterCard BIN, AMEX BIN, the system is also able to determine the veracity of the transaction.

Other Information Checked by the Binchecker

Aside from the ones mentioned, the binchecker also determines whether the credit card presented over the counter contains a chip or not, where its issuing city is, and what the phone number of its issuing bank is. Because the binchecker has access to all the details that surround credit cards, there is an assurance that credit card holders will not be preyed upon by those who hold their credit cards. Through this system, businesses and banking institutions are able to manage the risks brought by stolen credit cards.

What Happens when the Binchecker Recognizes that the Credit Card is Used for Fraud?

Because the binchecker has all the capacity to assess credit card transactions, it can easily tell between a veracious and a fraudulent credit card transaction. Once the binchecker determines that a certain credit card is used for fraud, it raises a red flag to signify that the transaction needs further review before any charge is made to the credit card. Through this, the binchecker is able to facilitate banking institutions in making erroneous reckonings in credit card charges and protect the real credit card holder from frau

by: Gen Wright

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