Using Bin Number Lookup To Prevent Fraudulent Credit Card Charge Backs

One of the most common forms of credit card fraud are transactions that are completed

with fraudulent credit card information - and though initially approved, the funds are charged back to the merchant, costing the merchant valuable income each time that a charge back occurs. These charge backs can cost the merchant valuable money, and time - as the funds are not only reversed, but there are fees that are also charged to the account holder.

The person that has completed the credit card transaction and has been successful in creating a charge back will order the product, file a claim and result in the funds being reversed to the credit card account, as well as the merchandise that had been ordered from the online store or the services that have been rendered from the business.

Using bin number lookup services, the merchant can help to reduce the instance of fraudulent charge backs that occur as a common credit card scam, protecting the income and the small business from fraud.

Taking the time to learn the methods that can be used to reduce the instance of fraudulent charge backs that occur can be an effective way for the merchant to reduce the charge backs, loss of inventory and additional fees that are associated with the charge backs created on the account.

Choosing the bin number lookup services can be confusing for business owners that are just beginning to understand the aspects of accepting credit cards for their business. Using the database services, the customer is able to pay a monthly or annual fee to the bin database company and be provided with the ability to search the bank identification number of the credit card, debit card and even prepaid card for the transaction that is being completed. At the time of the transaction, the merchant is able to verify and confirm the details of the account as well as ensuring that the credit card number matches the bank identification number on file, reducing the instance that a charge back is going to be filed with the credit card company.

For traditional credit cards, the merchant is able to verify the bank identification number with the account holder's information to ensure that the credit card is not originating from a fraudulent IP address or commonly known fraudulent area of the world. For the gift and prepaid credit cards that are available from Mastercard, Visa and American Express, the merchant is able to compare and confirm the account holder's information that has been registered on the card with the information provided by the cardholder at checkout.

Using the bin number lookup services that are available, merchants are able to significantly reduce the instance of charge backs that occur on the credit card accounts that can results in hundreds of dollars of lost merchandise and fees that are accumulated annually; ensuring protecting against one of the common causes of credit card fraud in the United States and beyond.

by: Gen Wright

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