subject: Issuer Identification Number- Protecting You From More Than Fraud [print this page] Are you aware of how issuer identification numbers can help you to detect fraud? If not then you definitely wouldn't be alone. Most people have never even heard of issuer identification number lists. When you find out that they are contained within the first six digits of your debit or credit card you can easily assume that they would only be of interest to your bank. However, they can also prove to be really valuable to businesses too.
How Issuer Identification Number Checkers Can Help
Issuer identification number checkers are mainly associated with fraud detection. Thousands of businesses have benefitted from having an issuer identification number search installed in their business. It has saved them not only money, but a good reputation too. As well as detecting fraud, an issuer identification number search can help you to set up a convenient payment transaction blocker online.
When you run an online business it can be hard work keeping up with online payments. If you are running your business from the UK, you may not want to offer International shipping. Without an issuer identification number checker a customer from the United States may put through a payment if they don't read the small print. This can be a lot of hassle and you may have to send the goods out anyway. You would then lose money on shipping as if you made a big deal out of it the consumer could give you a bad reputation.
Of course there are other ways around this. You don't need an issuer identification number checker to stop payments from other countries coming through. However, it does really help if you do have the software. Once installed, the checker will identify where the card is registered and who it is registered by. It will then make a decision based upon whether it will accept or decline the payment.
So Many Advantages
There are so many advantages that come with using issuer identification number checkers. The main one is the fact that you could save yourself thousands of pounds. You don't tend to think of the costs that your business will occur when a fraudulent transaction has been made. Thanks to charge backs you could end up seriously out of pocket. It all depends upon the amount that was taken and whether you can claim it back.
There have been many businesses who have found out the hard way that fraudulent transactions can be extremely serious. Once the transaction has been made and you have sent out the goods, you are likely going to end up out of pocket. These days the laws regarding fraud are quite strict. Credit card and debit card companies have worked really hard to ensure that their customers don't pay the price for fraud. Unfortunately this has come at a cost for business owners.
