subject: Bin Database Lookup- The Smartest Way To Curb Credit Card Fraud [print this page] Bank Identification number shortly called as BIN serves to make the cad unique. The Bin number is used whenever a purchase is made and helps to identify the issuing bank details. For verifying authenticity, the bin number needs to be checked with the database. Bin database lookup utilizes the first six digits of the card and identifies the issuer of the card.
Why to do a bin database lookup?
With the advent of internet and e-commerce more credit and debit cards are being utilized in the purchases thereby increasing the chances of credit card frauds. Bin database lookup is the best way to prevent such financial frauds and protect the business. Identity theft is also becoming more prevalent making the bin database lookup apt for cardholders as well.
When to do the bin database lookup?
Ideally bin database look up should be done before the purchases are confirmed. In a virtual shopping environment, this is easier and most of the bin databases allow for configuring with the online security measures employed.
Issues with bin database lookup
Free online bin database lookup solutions offer limited searches per network and hence won't be suitable for bigger concerns with large volumes of transactions. There are commercially available databases but the accuracy and cost needs to be compared before choosing the right one.
Ease of use and frequency of updating also needs to be considered when choosing the bin database. A regularly updated solution offers you hassle free bin database lookup and the best results.
Choosing the perfect bin database lookup tool
There are plenty of free, online and licensed versions available and the choice of tool is the most difficult task especially for a new venture. However all merchants will agree that bin database lookup tools are the best legitimate tools for preventing credit card frauds.
Choosing the bin database with the latest and trouble free software ensures an accurate bin database lookup. One with regular updates and improved security features is an added asset to any business. Bin databases need to be regularly updated considering the changes in bank policies, addition of new card providers and removal of obsolete data. A well established back end support is therefore worthy to be considered while choosing the bin database lookup tool.
Difference between online and licensed bin database lookup tools
Online bin database lookup tools are generally free and easier to use, but number of searches are limited either on per computer or per network basis. The search results also yield less number of fields when compared with the licensed versions. Some licensed versions provide even details such as bank URL with which you can check the further details of service provider.
Whatever be the choice of your bin database lookup tool, one can assure that it is the first step to securing the future of your business. All it needs for an efficient bin database lookup is six digits of the card and a single click.
