Credit Card Bin Numbers- Three Reasons Why They Are Important
There are a lot of situations today, where you may need to verify details about your
client's credit card before actually swiping it for any transaction. There is no saying why people would want to inflict harm by using the credit cards for malefic intentions; they simply do it at times for no reason. Either way you need to be protected. With the rise of transactions such as this happening on the internet, the reason for such paranoia becomes doubly important. This is where a BIN lookup system becomes immensely important. The question is what is a credit card BIN number?
Credit Card BIN Numbers are a sort of referent that is used in look up programs to allow the person punching in the number to gather all valuable information about the person whose credit card is in question. Information such as date and location of issuance comes out easily using such a process. Credit Card Bin ranges include a huge database of numbers which can be useful in understanding the situation that a person is in by using a client credit card to complete a transaction. Now, the obvious question is that "Why someone would need to lookup a credit card bin number?"
Reason Number 1
The rise of plastic money means that there is a subsequent rise in the amount of fraud that takes place revolving around it. A lot of people use fake credit cards using a system of loops to dupe people into releasing merchandise. Hence, the onus falls on the framed bank to bear the brunt of the fake transaction. This is where you have Credit Card Bin Number lookups serving the purpose of thwarting such an attempt. The accumulation of data using the Credit Card Bin Number will result in null search if the attempt of committing fraud is made.
Reason Number 2
The recent usage of the internet to complete transactions means that there is no need for the customer to show his or her face. The lack of face to face interaction results in the customer attempting to commit crimes using a credit card with an untraceable address. The criminal activity in question here is more particularly smuggling of goods. Someone living in Cuba may try to get the merchandise delivered to China for some malefic purposes. Hence, the use of Credit Card Bin Number Search systems can unravel such suspicious activity.
Reason Number 3
The rise of terror in the world also causes people to use fake credit cards to purchase items and accumulate them to create an instrument of destruction. In order to thwart such an attempt, it is important for one to look up the credit card bin number against a database. If a suspicious detail is found, then one can simply report to the authorities and help prevent a very dangerous situation that may affect several lives at once. These apart, there are several situations where credit card bin range lookups are helpful to a transaction. Hence, one should try to use the system to their advantage.