subject: Bin Lookup Database - Marking The New Era Of Financial [print this page] A bin lookup database stores all the information related to card numbers in a retrievable format. The bin look up database contains credit, debit and charge card numbers and details. The country, brand, bank of issue as well as other details are also retrievable in a bin lookup database. Higher accuracy coupled with more fields mark the most efficient bin lookup database.
The need for bin lookup database
Internet is the norm and e-commerce is the buzzword. The virtual shopping has become part of daily lives of many and retailers can get their business thrown open to the whole world within seconds of uploading. A bin lookup database effectively monitors the transactions and can detect fraudulent transactions within a short time. With the market, money flow has also become global. There is the need to verify the card transactions with a bin lookup database since there are innumerable ways of fraud.
Consider the scenarios described
Scenario #1 where bin lookup database could have been used
A Business Company in UK markets its goods to the global audience. A person from Australia has lost his card and this stolen card is used to buy the goods from this company from another country. The merchant cannot know the credentials of the buyer since they are from a foreign nation and he releases the goods accepting the payment from the stolen card. The cardholder comes to know of the transaction and files a request for chargeback for the money paid and the bank allows the charge back since the card is already stolen and the cardholder is not liable to pay the amount.
As a result, the merchant loses his goods as well as the payment received for the goods. Such fraudulent transactions can result in frequent charge backs unless they are checked in advance. Any venture should avoid such charge backs to have a good balance sheet. A bin lookup database can come handy in such circumstances.
By conducting a search in the bin lookup database, the merchant can detect the fake transaction since the country of origin of order is different from the one in which it is issued. Even if the order is made from the same country, the status of the card can be detected from the bin lookup database.
Scenario#2 of identity theft detectable with a bin lookup database
An order has been made from a duplicate card made from the details of the original card. In most cases of identity thefts, the country of use of the card and issue of the card will not be the same. The cardholder becomes aware of transactions made from the fraudulent card and files a complaint with the regional authorities. Such cases of identity thefts are further serious since the merchant can neither get back his lost money and goods nor get the location of the miscreants accurately with ease.
A bin lookup database is the ideal solution in both cases. The bin lookup database can detect fraudulent transactions, warn about charge backs and prevent the business from meeting unavoidable financial losses. There is no better alternative to bin lookup database to protect business from credit card frauds.
