subject: Cc Bin- The What, How And Why Of Bins [print this page] The world is a dastardly place where one man lives to swindle the other. Keeping aside the rather depressing view point on the mark of men, one would want to be practical. Hence the outcome will be more like, a man may do a lot to swindle another man even though he may not live to swindle. That is why the entire conception of perpetuating fraud is as popular as popular mass culture in general life. The cases of fraud and in particular credit card fraud have escalated over time. There has been a general cry in the world of tradesman to somehow relieve them of the trouble of having to deal with non authentic transactions. This is exactly the reason why CC Bin databases have been brought to the fore.
What is a CC Bin?
A bank identification number comprises of the first six digits of any credit card or debit card number. Therefore, a CC Bin database is a collection of credit card bins which may allow a trader to authenticate the user of a credit card before performing any monetary transaction off it. The CC Bin basically acts as a solid reference to the issuance of the credit card as it maintains a detail list of date and location of issuance, name of the bank it is issued by, whom it is issued to and most importantly what are the previous transactions that have taken place on the credit card in question at the point of transaction. This gives the trader a decent idea of whether there is something suspicious about the buyer all through simply the CC bin.
What are the ways a CC BIN database is used by traders?
The most common method of usage for a CC Bin database is in combination with a program tailor made for the type of transaction that may be taking place be it a face to face transaction or an online one. The fact of the matter is the CC bin database allows a verification of the authenticity of the card. If such details are missing from the CC Bin data then it may be caused primarily due to a CC bin database, which is not updated, or the fact that the person in question may be a fraud.
How Cost Effective is a CC Bin Database?
That would depend totally on how one would define cost. If one feels that they can handle the situation without authenticating the credit card using the CC bin before signing a transaction on it, then they would find the database expensive. However one must stress upon the fact that it is better to spend a strong amount on a CC Bin database than get swindled because of this.
The CC Bin database system contains a lot of things in retrospect that may help curb fraud to a great extent. Hence, the usage for the CC bin has been on the rise ever since the system has been introduced. Therefore, one would not be too out of place, if they have even a small business and invest in such a database for security of the transaction that they are involved in.
