subject: Bindatabase- Extending Vigilance Beyond Six Digits [print this page] Bindatabase is a collection of Bank Identification Numbers which can facilitate the entrepreneurs to confirm the authenticity of online financial transactions. With a secure bindatabase one can know the issuing bank name, type of card, cardholders name and other details etc.
Choosing the best bindatabase
Since the need for authenticating online transactions is always on the rise, selecting the best bindatabase needs a little analysis. The basic factor to be considered is without doubt the volume of online transactions per day. A huge number of online financial transactions need a sophisticated bindatabase preferably with some inbuilt functions which can be combined to the online security measures.
The nature of transactions also needs to be taken into account. Bindatabase containing prepaid/ gift cards will be apt for shopping deals with gift items. Similarly there are bindatabase services including fuel cards. One may also consider the features that the bindatabase has to offer.
Features of bindatabase
The bindatabase search returns you a result with 11 fields which contain various details of the cardholder and the nature of the card. These include the customer's name, bank details, issuing country etc along with vital information needed to check the authenticity of the payment. The bindatabase should ideally be updated to include the latest information on bank identification numbers. Also obsolete details need to be removed periodically.
Difference between free bindatabase and licensed versions
Free online bindatabase offer search facilities only for limited times from a computer or network, usually 10. However, if the transactions are huge as in an online shopping mall, then the free bindatabase may not be suitable. A licensed version gives you more complete and accurate results as well as more number of searches per computer or network. Cost cannot be compromised if you are looking for authenticity as well as a wide span of search.
Formats used in bindatabase
Commonly available bindatabases offer csv files with data being separated with commas. Some licensed versions offer xml files or semicolon delimited data also. Whatever be the format, the bindatabase providers have to ensure that the data thus revealed cannot be used for any other malpractices.
Problems with bindatabase
The most common problem associated with bindatabase is the search result being incomplete or inaccurate. Commercial or licensed versions claim to have more authenticated data compared to free online bindatabases. There is also the chance of format of the database being incompatible with online security measures.
Benefits outweighing risks for the ideal bindatabase
Leaving the minor issues aside, undoubtedly bindatabase is the best way to prevent online financial fraud prevention. A simple verification will help the merchant to avoid financial hardships and unpredicted losses. Fraud attempts for online payments can be detected on time and immediate security measures can prevent a serious financial loss.
Getting the perfect bindatabase can secure your finances as well as the hard earned reputation of any business venture with ease. Being wise before the calamity always saves name as well as money.
