Credit Card Bin Numbers And Their Role In Financial Fraud Detection

Credit card bin numbers serves as identification numbers for checking the authenticity of financial transactions

. The bank identification numbers are the six digits with which of your credit card starts of. With today's economy and the global marketing strategies, credit card bin numbers need to be verified before finalising the transaction.

The sad side of this upcoming trend of cashless transactions reflects in the increasing number of online financial frauds. These are especially hard to avoid since the customers resort to credit card payments in every walk of life be it the online shopping malls or air tickets. In a virtual world where money exists in a paperless form, the online financial payments are easier.

There is a negative aspect for this globalization. The rise of internet frauds especially those between countries which are harder to be solved is a fine example. If one method of credit card is proven to work, it soon spreads and there will be a splurge of such cases within a short span of time. Apart from this, penetrating the e-commerce systems of large networks of online shopping gives access to numerous card holders' data which can be further manipulated for identity theft.

Credit card bin numbers serves to guard the finance and economy of business without hindrance. However the warnings issues are just notices and the decision is in the hands of merchants whether to allow the transaction or not. Even though the cost of commercial databases of credit card bin numbers is a little high, this allows for secure, qualitative verification which can give you up to 99% accuracy in predicting the results of search on credit card bin numbers.

e- Commerce platforms can be linked to such credit card bin numbers database for the purpose of automatic filtering as well as calculating charges based on the type of cards. The charges to be levied on domestic and international cards differ and hence they need to be calculated accordingly.

A good bin database for verification of credit card bin numbers must be accurate, updated regularly, and should be comprehensive. Fraud especially financial ones have a bigger impact on international economy and hence should be curbed at any cost. A small ID theft may trigger bigger crimes when unattended.

Many financial institutions are on the process of issuing credit cards as a means to revive their economy and their use is definitely going to increase in the long run. A bin checker for credit card numbers can yield you valuable information on location of the card holder, issuing bank, issuer's address and details etc. This can definitely throw light into frauds when the data is mismatching with those in the bin database.

Credit card bin numbers are therefore a definite way to secure your business from unprecedented financial fall backs. However, regular updates and solutions are a must for such authoritative verification. When selecting the suitable bin checker it is ideal to consider this also into account for a better verification of credit card bin numbers.

by: Gen Wright

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