subject: Bin Database Credit Card For Curbing Credit Card Frauds [print this page] Bank Identification numbers play a significant role in identifying and characterizing the cards along with the details of issue, nature of card etc. Bin database credit card is used especially for checking the credentials of credit cards issued both within as well as outside the country. Bins are used every time the purchases are made through a card, whether debit, credit or charge card. Bin database credit card checks the database and compares it to the information provided by the card holder.
The first six digits of the card provide information on issuing country, issuing finance institution, etc. Bin database credit card readers read the card data and compare it with the bin database. Approvals or rejections of transaction are done on the basis of comparison results. Thus the bin database credit card checkers are useful tools in the prevention of credit card fraud.
Since the era of internet is growing in a fast pace and the financial cards play a very significant role in securing the finance. Identity theft is also a serious concern with the advent of technology.
The accuracy of bin database credit card checkers is dependent on the frequency of updating, source of the data, in built security features which can be configured based on search results etc. Most bin database credit card tools provides approximately 99% accuracy. Although 100 % accuracy is unachievable, a regularly updated bin database credit card checking tool gives provides the same ease and results.
Most of the bin database credit card checkers provide the results in eleven fields which describe the name of the bank, issuing country, type of card, contact details of the bank and other custom fields. A bin database credit card checking tool thus provides protection to the business from increase of chargeback ratio.
Some bin database credit card checking tools provide free add on tools which can be invaluable for business ventures. A bin database credit card checking tool will not be effective with a bin database containing only bin numbers or are incomplete in other aspects. Some bin databases contain records which are devoid of any useful data especially in checking credentials of the card.
An empty field is something which you will commonly encounter in free bin databases. Some others have computer generated records which are again prone to be inaccurate. The eleven field format is internationally accepted for all bin databases. Those bin database credit card checking tools which are able to be parsed with other security software undoubtedly gets the first preference.
ISO certified bin database credit card checking tools ensure quality and accuracy. The cost can be a little high but if you would still prefer accuracy over cost, licensed versions are the best bet. Some bin database credit card checking tools are offered with universal license with which the database can be modified to suit the requirements of the organization. Free updates are preferred and hence most licensed versions offer regular free updates and unlimited user capacity.
