Credit Card Bin Database- The Anti Fraud System To Secure Business

The setting up of credit card bin database was indeed a revolutionary step in the prevention of credit card frauds

. Whether you are in a small or large firm, you need to have good fraud prevention systems in place to check credit card frauds. It is especially vital if you have transactions that require to be done online. The credit card bin database is not only for the credit card claim processing companies, but for all firms which do their transactions through cards whether debit, credit or charge.

Need for credit card bin database

Real time technology and latest software have resulted in sophisticated credit card bin database checking tools which can verify the credentials of the card within a short span almost instantaneously. Credit card frauds were simpler in the beginning but due to large number of credit card bin databases being linked with secure antivirus and accounting software, they have become tougher. Nevertheless, the crime rates are on the rise, thanks to many firms with no anti fraud prevention systems and the increasing number of cashless transactions.

This irony has created a need for secure systems in place to check the credit card frauds and the solution involves setting up a credit card bin database having all the bank identification numbers along with details. The American Bankers Association has one such credit card bin database which can be accessed to check the card details, but it is limited to members. Now days, there are a lot of credit card bin database available online, freely downloadable or with a price. Commercial credit card bin database cost either once or you may be required to purchase the updates as and when released.

Benefits of the credit card bin database

It is easy to prevent financial frauds with the help of credit card bin database. Whenever the card is swiped for purchase or card details are entered into online shopping sites, the bin checkers can easily verify the data and find out the details of the card. The transaction will be cancelled or rejected if the card details in the credit card bin database do not match with customer information. The system also ensure that the card is live and in good credit terms. A stolen or lost card will not be allowed to be processed.

Real life applications

A credit card bin database checking tool is used not only by claim processing companies, but also by shopping sites where online transactions are huge. The bin checker is also used to identify insurance frauds by insurance companies. Federal departments investigating case of identity theft and financial fraud also avail the services of a good credit card bin database checker.

Online web service providers rely on internet transactions for their revenue and hence the services of credit card bin database are inevitable to them. A vast majority of online bankers also take the services of bin checker to identify potential frauds which can cause serious problems to genuine customers of the bank.

by: Gen Wright

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