The Need Of Bin List Search For Preventing Loss

As a part of the new technology, where credit cards and debit cards have been introduced

for the ease of the people, similarly it is important to take steps for preventing fraud. To end up all the activities of fraud, in terms of stealing the credit card, bin list search is needed to find out which card is valid for carrying out the transaction, and which of the cards is stolen and marked as invalid. With the help of bin list search, one is able to detect quickly which card is stolen and which is not. This is good for the safety of both the retailer and the card owner.

Now the question is that what actually is bin, and what does bin list search mean. BIN stands for Bank Identification Number. This number is actually a 6 digit code, consisting of all numbers. This code is specific for all credit cards and each card is recognized by its bin code. The bin list consists these codes and with the help of bin list search, it is known that which of the cards is valid and which not. Each bank that issues a credit or debit card has its unique BIN number.

The Necessity of Bin List Search

So, bin list search is actually needed to find out the transactions made with a particular debit or credit card, since each of these has a unique bin code. The bin list search is done with the help of the bin database.

It is important that any large business that makes larger transactions should have the bin database to allow bin list search to make sure they do not have to suffer a big loss in the end. Since without the help of the bin list search, the retailers won't be able to known which card is fine and which is stolen and they won't known it until they find out that they have had a big loss.

Not only is bin list search needed for all offline deals, but there are the most chances of fraud when the transaction is done online. So the need of bin list search is also high when online transactions are made. Without bin list search, any company could have to suffer from great losses. Nowadays bin list search is considered as a security precaution by all the companies.

Efforts of Fraud Prevention by Merchants using Bin List Search

Those merchants, who buy and sell things online are at serious threats because of the rising amount of fraud. Online scammers are always present to cause many problems for people. Since online transactions are done using credit or debit cards, it is important that all the online companies should have a record of all credit card or debit card purchases. This is done with the help of the bin list search. Bin list search helps to find out the previous transactions done on a particular credit card, and with the help of bin list search, the thief can be caught and a valid card can be figured out from the invalid one.

by: Gen Wright

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