The Advantages Of Bank Bin Number

It is known by all that this is the era of technology

, and where science is advancing to such an extent that it can produce many things for the benefits of humans, there are also many people who misuse it and use it to work against the interests of people causing a lot of harm to the wealth of a person. An example of this is the fraud that involves cheating and stealing of items, and using other people's things in a fraudulent manner.

To protect people from suffering from the harms of all such activities, a step was taken to catch all the thieves who steal other people's credit cards and make transactions from them. A way was also introduced to reduce the losses of people who lost their cards, and to reduce the losses incurred on the retailers and online merchants who had to pay charge backs.

As a solution to all this, the bank bin number was introduced.

What is a Bank Bin Number

Now the questions arises as to what actually is a bank bin number, and what does a bank bin number do? Well, the bank bin number is a specific 6 digit code, and there is a different bank bin number for every credit card. Each credit card is recognized with its bank bin number on the bin list, if the company has the bin database.

As to how the bank bin number works, so it marks the cards that are with their authorized owners and keeps them away from those that are stolen. The ones reported as stolen are upgraded by the bank and the companies that have the bin database get the upgrade of the bank bin number of the stolen card. This way no transaction is made with the stolen card.

Use of Bank Bin Number for Protection from Fraud

Since online crime activities have risen, most of the companies are going for the option of bank bin number database to protect themselves from suffering from fraud. Nobody finds out when he becomes a victim of fraud until he suffers the great loss. So all are going for the database, with the bank bin number list to check which cards are valid and which not. So, at the time of any transaction, if any card has a bank bin number that is termed as invalid, it will not be allowed transaction. The bank bin number database is set up with the system so that the system automatically detects the stolen cards from the opposite.

So finally, in this fast moving world where people worry about their profits and gains, they also have to worry about security measures so that their hard work does not go to waste because there are always some people waiting to eat away other's hard work. The bank bin number is a step to avoid online fraud, and it has proven to be successful up till now and it is supposed to be a great step towards ending up all the online criminal activities.

by: Gen Wright

POST COMMENT

Advantages Of Urethane Advantages Of Bitmap To Vector Conversions Get The Maximum Advantages From Schools In Dwarka The Advantages Distance Learning Programmes Provide The Abcs Of Commercial Awning Advantages Advantages Of Using Corrugated Boxes For Packaging Advantages Of Letting Your Child Sleep With Foam Bed Guards Advantages Of Mia Airport Parking Advantages Associated With Social Discount Deals The Advantages Of Solar Power For Residential Purposes What Are The Advantages Of Rattan Plastic Furniture? Very Low Expense Biogas Digesters Bring Massive Advantages To Farmers Advantages Of Independent Financial Advisors In Bristol