Credit Card Bin Numbers And The Prevention Of Fraud
Credit card BIN numbers play a large role in the prevention of fraud in business
. By using just a few numbers located on the front of a debit, credit and store card, you can determine whether a transaction seems genuine. Unfortunately there are many transactions that are fraudulent these days. It can sometimes be difficult to tell, especially if the card details are being used online.
Until BIN number databases were introduced, it was quite difficult to spot any potential problems in online payments. At least with offline payments you can look at the person using the card and learn to spot whether they appear nervous or not. Online transactions give nothing away so it was next to impossible to tell whether they were genuine or not. Now thanks to credit card BIN numbers, you can easily see whether the transactions made on your online site are potentially fraudulent.
Using Credit Card BIN Numbers
In order to use credit card BIN numbers in business you need to:
Find a good BIN numbers List
Download the software onto your computer
Install it
Start checking card details
Now, each BIN number database is different. Some you can just download and install easily enough. You input the numbers manually and then any potential problems will be flagged. Others are a little more complicated. They require you to run a script which allows them to detect credit card BIN numbers automatically. This is particularly useful for quite large businesses. It can be a nightmare having to manually input numbers if there's a lot to deal with! So make sure that you keep in mind what type of BIN number software you are looking for before you download anything.
Bulk Credit Card BIN Number Checker
One way in which businesses protect themselves against fraud is by checking the credit card BIN numbers at specific times during the day. They process the orders at set times and run a check to see that they are all genuine. If you plan on doing this then it would be a good idea to put a sign up on the payment page and in your 'FAQ' section that orders will take a little time to process.
What many companies do is they process orders twice a day. Orders placed before 2pm are often processed and sent out the same day. Orders placed after 2PM may not be sent out on the same day. This appears to work quite well for businesses providing that you let the customer know.
When you're ready to process the orders you should type in all of the credit/debit card BIN numbers into the database. Most databases will have a bulk search option. It makes it easy to search for multiple numbers at the same time. Any problems will be highlighted and it takes just a few minutes to check. Once you've determined whether there is anything you need to be worried about, you can either send out the goods or reject the payments. This is how credit card BIN numbers help to prevent fraud in business.