How To Protect Your Online Business From Fraud With A Bindatabase

Businesses of every size are targeted every day with fraudulent charges and invalid payment card numbers

. It does not matter if the business only makes a single sale every day or thousands of sales per hour. The fact of the matter is that there are people who may strike at any moment to make a fraudulent purchase. Protecting a business from fraud is possible with a little help from a bindatabase and common sense.

What is a Bindatabase?

It is not uncommon for a business to get a sale that is fraudulent. Unfortunately the number of fraud occurrences is growing every year. By running a bin search through a bindatabase, any business can take a major step towards controlling the number of fraudulent purchases being made with invalid card numbers. A bindatabase is essentially a large index of the entire valid bin numbers issued to cards. The bindatabase uses the first 6 numbers in series on any card issued by a legitimate card distributor. The 6 numbers that are provided simply represent the card information. The bin defines the bank, issuer, card type and much more.

The Bindatabase and Common Sense

The bindatabase essentially takes all of the hard work out of validation when dealing with online payment by cards. Of course this is possible by understanding how the bindatabase works when checking the bin numbers. The bindatabase can be accessed in a way to show instant results whenever a bin has been entered. After a bin is entered into the service, a selection of information that details all of the information about the card for the party running the search which can then be used to rule out when a card number is invalid. Within the bindatabase, there are many different bin numbers which can be associated with a number of different card issuers.

With the help of a bindatabase and common sense, the majority of the fraudulent charges can be stopped before they even have a chance to make their way to the processing service. Commonly the following situations will prompt an alert that should be investigated more than just a card purchase with a bin:

Buying several of the same items - When buying several of the same item, this can indicate intention to resell the products for profit after they receive them if their fraudulent purchase is successful.

Choosing to pay with separate cards under the same address - Many purchases being made by a single household in a short span of time using different cards can be cause to be skeptical of the purchase.

Completing purchases that are much higher than your average customer would make - Very expensive purchases can lead to a very expensive bill when their card is refused.

The bindatabase, in conjunction with common sense is a great tool which can be used to catch fraudulent purchases before they get out of hand. The bindatabase can be used for every card used by consumers to capture fraudulent cards. The bindatabase is easy to maintain and is updated frequently. The bindatabase is certainly a tool that any business owner can use to protect their online business from fraud.

by: Gen Wright

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