The Need For Credit Card Bin Identification Tools

Credit card bin identification tools are a must for today's business

. The reasons vary widely from increased internet usage for shopping to global marketing. A proper review of the possible mechanism of credit card frauds can reaffirm the value of proper credit card bin verification.

Compromising financial safety is the greatest reason for credit card frauds. The credit card frauds affect both the merchants as well as the customers. The merchants can get affected in their finances due to charge backs and other fictitious claims of payment. The customers on the other hand are vulnerable to identity thefts and financial loss. A good credit card bin search is therefore advantageous in all aspects.

For any business, customer is king and therefore the client satisfaction is the first preference. Investing in a good credit card bin identification tool helps the customers to be doubly sure of the data protection and therefore can provide you with a wide and loyal customer base. Any unprecedented incidences of identity thefts or financial frauds can cause serious harm to both finance and reputation of your business. In severe cases, this can lead even to termination of license of e- commerce platforms.

Identity theft is the most common method of financial fraud in online transactions. The card numbers are stolen and used for making online purchases preferably from another country other than the country of issue. The credit card bin verification can identify the source of origin of the card and when this does not match with the country of despatch, it incites a warning to the merchant. He can then choose to further investigate the matter and confirm whether it is a genuine order. Usually in cases like this, shipment address will be different from the cardholders address found in the credit card bin database.

In the absence of proper credit card bin checking measures to authenticate the genuine nature of these transactions, the fraudster can continue to purchase goods all with the stolen card. The financial accountability will rest on the merchant and eventually he may be forced to encounter a charge back in business. The cases can be more serious in cases where it involves cross country despatches, but might be difficult to investigate. Even in cases where small sums are involved, the risk of being threatened with a financial breakdown is huge in the absence of credit card bin checkers.

These credit card bin database fraud methods can be adopted by others eventually making the results similar to the effects of a virtual virus. The effects of such stolen cards although great, do not constitute a great proportion of such cyber crimes involving finance. Physical stealing of cards contribute only a little to the total number of cases booked under identity thefts.

The majority of such identity thefts arise due to online stealing of data. When you enter the details of your card into a site which does not have a good credit card bin checker and safety measures, there is the chance of this data getting stolen into the wrong hands. Most of the time victims of such credit card frauds are those who do not regularly check their accounts. Being a little cautious in checking the bin number with a credit card bin number therefore would prevent a lot of such financial frauds.

by: Gen Wright

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