Two Credit Card Fraud Solutions For Merchants

It is reported in many researches that online merchant stores are more susceptible

to credit card fraud so it is quite essential for the merchant to go for credit card fraud solutions. Today, merchants are able to find out a variety of solutions with the help of which they can prevent the fraudulent transaction quite effortlessly. Currently I am going to describe two credit card fraud solutions.

1.BIN Database:

BIN stands for Business Identification number. BIN Database comes in excel format and it comprises of BIN numbers that have been collected from different banks and other financial institutions. There are a number of service providers online who are offering you access to this database if you pay a little fee for it. Once you make the payment, you will be able to download this database on your PC. Whenever you get an order then you can open this database and add the credit/debit card details of your customer in it. In a matter of seconds, you will be able to get the result i.e. valid card or invalid card. So if the card is valid then you can process the order without taking any tension of credit card fraud. On the other hand, when you find any problem with the validation of the card then it is the time to stop order processing. It is indeed the simplest credit card fraud solution for you.

2.Get Help From Credit Fraud Protection Solution Provider:

It is one of the best credit card fraud solutions nowadays. You can get help from a company that comes with a number of credit card fraud protection measures and screening method. Actually you need to buy the credit fraud protection services of a service provider. When you make the payment then the server of service provider is linked with your online store's order form. Whenever a customer fill out this order form with his name, shipping address, billing address, credit card number, etc then these details are routed to the server of service provider who start passing these details from different screening processes and give you a result of these processes outcomes in the form of a score. A positive score means you can freely process the order while a negative or low score mean you need to immediately stop this order.

Which Credit Card Fraud Solution is better?

Both credit card fraud solutions demand an instant fee from the merchant however the price associated with second solution is higher than first. It is also a fact that when you linked your store with the server of a card fraud protection service provider then you are able to enjoy more security features. Actually a service provider is responsible for the proper screening of credit card details and other details. He not only uses the BIN database for validating the bank of the consumer but also implies other screening processes with the help of which they validate the address, phone number and identity of the consumer. Although a third party's help is somewhat expensive but through this a merchant can get the ultimate protection from credit card fraud. However, if a merchant is unable to afford the cost related to service provider then it is better to use the BIN database as a credit card fraud solution.

by: Gen Wright

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