subject: Protecting Consumers Instantly With A Bin Lookup [print this page] Your consumers are counting on you to ensure that their card numbers are not being used inappropriately. Inappropriately, meaning that their cards are being used without permission by others performing identity theft and or fraud. You can easily protect consumers by ensuring to run a bin lookup before accepting payment from consumers. This will serve two major purposes:
A bin lookup helps determine fake cards from possibly valid cards. In a fake card number that is completely made up with a random string of numbers, there is always a high rejection rate. For those which are using a correct bin number attached to a bank or lending institution, they may easily put in a string of numbers that are actually attached to an account. This leads to fraudulent charges being made.
Fortunately, for those seeking a service to determine fakes and fraud, the bin lookup tool websites can easily provide useful services to verify the buyer themselves.
Advanced Tools Help to Catch Card Crooks With Bin Lookup Tools
A bin lookup is limited in some ways but it will catch a very large portion of the fake card numbers before they go through a business merchant account card processing service. Of course this will not always catch transactions that are intended to enact fraudulent purchases.
A fraudulent purchase can be anything from identity theft to cheating credit card companies themselves. The high cost of these issues to correct and reverse will often cause problems for online merchants. It is not impossible to prevent some of these issues with a bin lookup service.
A bin lookup will use the first 6 numbers on any card used to make a purchase. These purchases are required to show the digits of the card transaction so that they can be used to check the validity of the purchase being made. The basic information allows the merchant to learn if the card is valid. A bin lookup service may have expandable services which can actually track detailed information about the buyer with the bin lookup information.
Verifying the Buyer with their Credit Card
Any time that a buyer makes an online purchase that must be deployed to them through shipping a billing address will be required and stored within the card information. With extended bin lookup services, the merchant can send a search to retrieve the detailed information from the buyer themselves. This detailed information can include the physical address of the buyer as well as contact information of the bank attached to the card if verification is necessary.
Often times a fraudulent buyer will not know about the potential of a bin lookup service and their ability to pull the address of the buyer and compare it to the address attached to a card. The other important forensic information which can be given to government officials with a bin lookup is personally identifiable information such as an IP Address which can show the exact location of the buyer when they made the purchase. A bin lookup service can be a powerful tool to protect consumers and prevent fraud.
