Problems Associated With Bank Bin Database Search

Bank identification numbers and their verification using the bank bin database are

undoubtedly the best and effective tools in preventing financial frauds conducted online. Even if the bin databases largely contribute to curb the number of cybercrimes under the title of financial frauds, there are certain problems associated with their use.

Incomplete or inaccurate data

In complete data can lead to misleading results in a bank bin database search. This can cause misjudgements and the merchant can lose genuine customers and the business can get affected in a negative manner.

Irregular updates

Most of the free bin databases and a few commercial ones are not regularly updates and this can pose serious threat in getting genuine results with a bank bin database search. Checking reviews from previous users or asking a sample record for verification can help the merchants in identifying potential drawbacks of bin databases.

Obsolete data

Record relating to closed or expired cards need to be removed from the system since this can lead to malpractices. This is necessary for the bank bin database search to be efficient. Some bin databases claim to have large number of records but a major chunk of them being such obsolete data. Hence it is ideal to verify whether the bin database contain similar cases of obsolete entries before selecting the bank bin database search tool.

Incompatible format

Ideally the bin database should be in a format which is compatible with the existing software and configurable with the needs of the business. An incompatible format may not yield the ease of search and in the long run the investment can prove to be unfruitful. It is better to look for compatible format before finalizing the bank bin database search tool. Csv formats are the most widely used ones and most preferred since it can be configured easily to suit the needs of accounting software.

Such flexibility offers the possibility of setting up automatic filtering either by country of issue, nature of card or by any custom set regulations.

Lack of technical support

The greatest issue with software as well as bin database is the lack of technical support. Suppose a bank bin database purchased last year is no longer configurable with the present and latest versions of accounting software. In this case, the developers should ideally extend their technical support in fixing the bug. In most cases, this is not true and the merchant may be forced to reinvest in a new version of bin database.

Lack of uniformity of records

Although this may seem to be a minor problem, a lack of uniformity in bin records can result in serious software hitches. There can be cases in which the automatic filtering will fail to work just because the data of any particular record was not uniform with others. For example, if one data shows the country of issue as US and another as USA, the filtering feature can be confused so that it will fail in checking the record effectively. If this happens to be one of those fraudulent transactions, the merchant can meet with financial loss even though he has invested in a bank bin database for credit card verification.

by: Gen Wright

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