Prevent Fraud In The Use Of Credit Card Bin Numbers

Do not give your credit card bin numbers to anyone:

Credit cards and credit card bin numbers are commonly used by people and business all over the world. In order to understand why the safe transaction has become a bit of a problem in recent years, you will first have to understand the parties that are involved in the transaction process. The business owner, credit card holder and the credit card company are the three parties which are responsible for making the transaction successful.

The biggest mistake that some people make is that they intentionally or unintentionally tell their card bin numbers to thieves. When thieves acquire card bin numbers the real problem starts. They not only use your card bin numbers but they also take claim to your identity. Therefore, to limit fraud, many companies have combined forces with credit card companies to minimize this criminal activity.

Reducing illegal use of credit card bin numbers:

The fraud by the use of card bin numbers is reduced at the point of sale because when someone swipes the card in the machine, a message is immediately sent by the credit card company to your mobile phone which tells informs you when somebody illegally uses your card. As a businessman, spreading the information that your company keeps a database of card bin numbers will also help you keep away the crooks.

As a business owner, use of credit cards is the need of the 21st century and you just cannot run away from it. In this era of technology, it is literally impossible to run a business without incorporating the credit card technology into it. However, you can prevent fraud through proper planning.

Choosing the right credit card processing partner for you firm is as important as keeping a sophisticated database of card bin numbers. You should consider the reputation of the company before partnering with it. It is also important that the credit card company not only knows government regulations but also follows them strictly because failure to do so will result in loss not only for them but also for you.

Updating card bin numbers database

An important thing to note here is that updating the credit card bin numbers database is an essential feature of a successful business. Outdated card bin numbers database will not only be harmful to your reputation but will also result in the loss of trust of the customers. Second most important factor to consider here is that credit card bin numbers database should be accurate for the prevention of fraud. Accuracy means not only providing the right name but it means having the correct info about the user's country and home.

Acquiring card bin numbers database will cost you good amount of money but the most important thing that you should look for before buying the license is that the database is ISO certified. You should not compromise on quality of the database. Cost effectiveness should not be your first priority when acquiring a card bin numbers database.

by: Gen Wright

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