How Often Does A Bin Database Update?

Keeping any online business safe from the threat of fraud requires a great deal of work

. Regardless of the efforts made by the payment processing services to create a safer environment for business, there will always be a selection of false buyers that are ready to perform fraudulent acts. One of the only ways to thwart these efforts from such crooks is to use credit card verification with something like a bin database.

A bin database is essentially a collection of all of the bank identification numbers that are available which will be able to determine which major industry the card was designed for, what bank issued the card, the type of card status and which credit institution has been used to create the card. Having this tool is essential in making correct decisions when accepting payment from individuals using electronic funds. As long as the bin database is up to date, this system will reduce the number of fraudulent purchases that are made. A bin database is generally updated at least once a day if needed.

Why Does the Bin Database Need to Update?

The nature of the bin database will change in two major ways:

The bin database expands - This is any time that there are new entries into the list of valid bin numbers. This usually only happens when a new bank or institution decides to offer cards of some type to their consumers.

The bin database reduces - This is any time that there is a removal of valid bin numbers. This can happen when a bank or institution goes bankrupt or the bank simply dissolves or is assimilated into another bank system. They would then issue new cards in the assimilating bank's bin instead.

This leaves us to believe that an up to date bin database will reduce the number of purchases that are made with invalid card numbers is reduces online.

What is updated in a Bin Database?

The main changes that are done to a bin database are simple. They will often have a number of changes made to the existing roster within the bin database. The card issuers will need to pay a fee to be able to issue out cards and once they have done so, their number will be added to the database which uniquely identifies them as the card issuer as well as providing other details that are logged into the bin database.

When numbers are added to the bin database, an update must be accessed by the bin database users. If they continue to use an out of date bin database, they may not be able to process legitimate card numbers that are not listed in their system while accepting cards that no longer are within the system due to various reasons.

The urgency to maintain such a well refined list of bins is essential to all online business. Although this method will not completely eradicate fraudulent charges made with non existing card numbers, it will greatly reduce their occurrence. Using a high quality and frequently updated bin database is highly recommended.

by: Gen Wright

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