subject: Top 5 Things Merchants Must Know About Card Bin Number [print this page] Card bin number is a fortunate thing that has happened for the successful running of online business deals. In today's electronic world we use plastic money (credit / debit card) more than paper money and that is using card bin number database is important. These cards come with many advantages. Banks as well as businesses offer various awards, points, cash back offers etc., on using these cards. It is also convenient in a way that we do not have to restrict ourselves with carrying the cash, which at times becomes a burden. Several fraudulent transactions take place using these cards and thus card bin number database can help.
Learn about top five things that merchants should know about card bin number:
What is a Card bin number?
Each card carries a number ranging from 13 to 16 digits. The first 6 digits are what we call the Bank Identification number (BIN). It is unique to each bank and is engraved in each and every card issued by that bank. Card is a trouble-free way to shop, but it carries a huge threat of frauds and scams. Many online stores loose huge amounts of money due to these unauthorized transactions. Card bin number database lookup is what helps us to prevent these threats.
Where can we use card bin number?
Card bin number lookup can be done for both credit as well as debit cards. Being vigilant during the transaction ensures a safe purchasing and thus satisfies the customer as well as the merchant. Card bin numbers database is the collection of the important information that can actually prevent the identity theft and credit card frauds. Card bin number lookup service is what helps in doing this.
How does card bin number work?
When a credit card transaction is made, the merchant gets the unique number engraved on your card. Now he can actually run the Card bin number database lookup. This will give him the information whether there are any user alerts or anything that is not related to that particular card, whether the card is stolen or not. Customer register the stolen complain with the issuer bank and the bank blocks all the current and future transactions taking place through that card. Now since the merchant has this information, he can easily make out if the card is being used by someone else, even when it is blocked by the bank. All this sounds pretty complicated, but it is done within no time, since the process is completely automated. The concerned authorities can be informed about the theft and it's now their responsibility to catch hold of the thief without interrupting the merchant's business.
How to prevent illegal activity through card bin number?
The best way to reduce crime or unauthorized activity is to be vigilant and extra alert. Technology assists us to prevent our business from unlawful activities. It thus becomes our moral responsibility to safeguard our business as well as our customers by adapting to these technologies. In case of credit card theft, we have the technology and tool of Card bin number database lookup.
Effect of card bin number lookup on criminals
Technology advancement also affects people conducting unauthorized activities. Even they know that the right tool for prevention can put them in trouble. The more and more merchants use the Card bin number tool, the lesser is the infiltration of the unlawful people in the business activities. All this will ultimately result in safe, secure and successful online businesses.
