Three Lessons From The Credit Card Bin Number Search
Have you ever been faced with outrageous administrative fees from charge-backs
? This is the time when a credit card BIN number search would have been an invaluable tool for you.
You know the drill...a customer has lost their wallet or provided information online to scammer and now their identity has been stolen.
The thief is having a field day purchasing products online using their stolen credit card and as always...you are the last to know.
But now you can fight back by performing a credit card BIN number search and finding out ahead of time which credit cards to flag and which ones are OK to process. There's really no better investment for your business than to gain access to a reliable BIN list. Check out the following lessons to get started on the road to success.
Lesson #1 - Find Out How To Identify A BIN Number
Sometimes referred to as an Issuer Identification Number or IIN, the BIN or Bank Identification Number can be found on any credit, debit, gift, or prepaid card.
Each issuing authority has been assigned a six digit number that identifies them anytime the card is used to purchase an item. It's the first set of six numbers on these cards.
So by adding a credit card BIN number lookup process to your daily to-do list, you will finally reap the rewards of having the time and money you need to concentrate on bigger and better things.
Reputable BIN list providers you'll find online will make preventing fraudulent credit card transactions a breeze.
Lesson #2 - Find Out Who The Credit Card BIN Number Search Affects
As stated earlier, the first six numbers on a credit, debit, prepaid or gift card are its BIN number. So one of the first things you need to understand is credit card BIN ranges. When you are ready to perform a credit card BIN validation here's what you'll see:
All American Express (AMEX) card numbers will start with either the number 34 or 37.
All Diners Club card numbers typically start with the numbers 36 or 38. You will sometimes find that Diners Club cards begin with the number 5. The reason being is that Diners Club and MasterCard have a joint venture situation in place causing some cards to be processed as if it were a true MasterCard.
Maestro (previously known as Switch) start with the number 67.
All VISA card numbers begin with the number 4.
All MasterCard numbers have a range that start with the numbers 51 through 55.
All Discover card numbers start with the numbers 6011 or 65.
JCB card numbers lead off with the number 35.
Lesson #3 - Find Out How To Manage Risks When Performing a Credit Card BIN Number Search
Your credit card BIN numbers download will be one of the most helpful tools in managing and assessing risk. There are good deals of issuing banks in certain countries that are notorious for processing fraudulent transactions.
Here's your chance to learn upfront what credit card transactions pose the greatest risk. Then you can choose whether or not to flag or process that transaction as well as maintain a list of those to keep an eye out for.
by: Gen Wright
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