Top 5 Key Concepts Linked To Bin Bank Identification Number

Being into an online business venture, a merchant is prone to various cyber frauds related to credit card transactions

. Using a bin bank identification number is the only way out to this problem. Let us go through the 5 important concepts that have originated using the bin bank identification number and are now working towards eliminating credit card frauds.

Bin bank identification number

The first 6 digits of the 16 digit long number in a credit card is the bin bank identification number. All the authorized banks all over the world have been assigned this number. It gives us information about the name of the bank, country of its origin or location and phone number. All the cards weather credit or debit, issued by a bank will contain the bin bank identification number of that bank on each card.

Bin bank identification number database

Bin bank identification number database is a unique set of the vital data that is utilized by the merchants to prevent unauthorized transactions during any online purchase made by the customer on their website or portal. It consists of the bin bank identification number (which carries the information about the bank), nature of card whether credit or debit, make or brand name of the card (visa, master, American express etc.). There are several companies that provide the bin bank identification number, but being at the receiving end, you must ensure that the company you are choosing must cover the maximum bin bank identification number for banks and financial institutions of the world, be it national or international. They must update their data on regular basis to ensure maximum utilization of the bin database.

Bin Bank identification number database lookup

Bin bank identification number has a proof of every transaction made with the credit / debit card issued by that bank. Bin bank identification number database lookup gives us an authorized right to peep through the complete bin database, thus warning the merchant of any credit card fraud. Wikipedia serves as a database for BIN bank identification number. It contains BIN of all the major banks all over the world. The merchant just need to do a database bin lookup.

Bin bank identification number -how it is used

Bin database credit card is the card whose information is available on the bin bank identification number software and can be easily extracted once we run the tool. It is a complete automated system so the process takes place within seconds. Whenever a credit card transaction is made and the card is swiped, the system gets the BIN of the bank that has issued the card. It further links the customer with the purchases made by him and obtains a fresh database for this particular bin database credit card. Any future transactions done with this bin database credit card can easily identify if the customer information and check the authenticity of the transaction.

Bin bank identification number beneficial for online business

The information generated through bin bank identification number and the tools and technologies developed using BIN have proved to be a godsend gift for the merchants whose online business totally depends on trust and faith. Bin bank identification number can soon be credited for eradicating the credit and debit card frauds, thus making online shopping completely hassle free.

by: Gen Wright

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