subject: What A Bin Database Says About You [print this page] Did you know that the first six digits on the long number on your credit card can say a lot about you? To most people their cards are understandable only to their banks. The numbers are just random and they mean nothing. However, this couldn't be further from the truth. The first six numbers that are on the front of your card are kept in BIN databases. When scanned, these numbers will tell someone the following information:
Who the card is registered to
Where it's registered
Who the issuer is
What type of card you are dealing with
This information is designed to help businesses to combat fraud. When somebody gets hold of your card details, they can use them to make online and offline purchases. Online fraud is more prevalent as fraudsters can hide behind their computers and they don't actually need the card with them. They simply need the details. Businesses that have BIN databases installed on their computers can check whether a transaction is potentially fraudulent.
It's worth pointing out that not all BIN databases have your address and personal details. Some keep that information completely private. However, the databases that do contain personal details are typically the most effective.
Why BIN Databases with Personal Details are More Effective
When a company suspects that a fraudulent transaction is taking place, they can choose to check the details through the BIN database. If any potential problems are flagged in the database it makes it easier to stop the fraudster in their tracks if there are personal contact details of the owner available. You can contact the owner and ask them about the transaction. If they claim that they know nothing about it then you can contact the police. That way you are saving both your business and the consumer from losing out.
Even if a BIN database doesn't contain information about the consumer, the information that it does contain can still help to prevent fraud. It can tell you which country the card is being used in. From looking at the information provided, you can see if it matches the country that it is registered to. If not then that is a big sign that something could be wrong.
Catching fraudulent transactions early on is vital to preventing it in the first place. Once that transaction goes through, there is very little that you can do to get your money and/or your goods back. BIN databases successfully help you to spot the potential signs that a transaction isn't authorised.
The trouble with the internet is that it has made it so much easier to steal somebody's details and make online transactions without it being picked up. It's worth pointing out that whether the transaction was made with your business online or offline, the same penalties will still apply. So take a look at the variety of online BIN databases today. You could just save yourself a lot of money by investing in the right BIN number software now.
