Top 5 Things That Makes Bin Lookup A Phenomenal Tool To Prevent Fraud

Bin lookup serves as a vital control over the credit card fraud that any retailer

or merchant can witnesses during day-to-day transactions with the customers. The chances of such fraud increase many folds if it is an online transaction. If you deal with credit-card transactions every day, there is a definite Return on Investment on using bin lookup, if you understand and consider the power of bin lookup. Here you will learn about the top five things that makes bin lookup a phenomenal tool.

What is bin lookup?

Bin is the unique bank identification number that is allotted to each and every bank all over the world. bin constitutes of the first 6 digits of the credit / debit card. Bin is common to all the cards issued by that bank but the remaining numbers are unique to that particular card. In case if you happen to see any other card with that unique number, and the same bank has issued it, then you must inform it to the concerned parties, as the other card can be a duplicate one being used to carry out transaction on the original customer's name. Bin lookup keeps record of each and every transaction made with this card, thus facilitating the merchant to understand if it is a case of fraud or a rightfully genuine transaction. All you need to do is a bin lookup.

Extraction of information through bin lookup

Bin lookup gives information about the name of the bank, type of card issued (credit / debit), brand of the card (visa/master etc.), bank phone number, name of the country where the bank is located. Wikipedia is a strong tool to sprint a bin lookup. It contains BIN of all the major banks all over the world. All you need to do is run a bin lookup.

Why is bin lookup needed?

Any additional information that gives you insight into the credit card of an individual is always useful to avoid any fraudulence. It lowers the risk component of your business as dealing with credit cards involves a great deal of threat of non-approval of payment by the bank due to the stolen card being used by another person or an invalid card transaction being made. Things like the information on the country whose bank has issued the card and the country where the transaction and delivery is being made can help to review the trustworthiness of the customer and the transaction made by him. This is all credited to the bin lookup.

Bin lookup controls unauthorized transactions

Unauthorized transactions have a great deal of negative impact on the growth of your business and can ultimately lead to the cancellation or temporary suspension of your merchant account. Today's customer expects the highest standards while shopping for any kind of product and gives utmost importance to security. bin lookup helps you to take care of the expectations of your customers. We have still not been able to make appropriate use of bin lookup. More the frauds less are the chances of a healthy survival in the business. This ratio can be managed by cancelling the highly risky or fraudulent transactions. Bin lookup helps merchants' with this.

Online support of bin lookup

Bin lookup can be done online through various websites. Lot of companies provides various bin lookup modules. They even update information on daily basis. Merchants can now ease out by using bin lookup to keep the frauds out of their business and thus focus more on customer satisfaction.

by: Gen Wright

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