subject: Bank Identification Numbers- Tracking The Owner Of A Credit Card [print this page] There could be a number of reasons why you need to track the owner of a credit or debit card user. Maybe a card has been left in your store and you now need to reach the owners? Or maybe you suspect that another person has tried to use the card fraudulently? Whatever the reason, there's one way in which you can track down the owner of a credit or debit card quickly and easily. That way is through bank identification numbers.
What are Bank Identification Numbers?
Bank identification numbers are the first six digits on a credit or debit card. When entered into a system, they tell you who issued the card, what type of card you are dealing with, which country it is registered to and the name of the owner. This information comes in very useful for merchants.
Fraudulent transactions cost businesses thousands of pounds every year. You don't often think about the effect that fraud has on a business. You think about the poor customer who has had their card stolen and used. The thing is, the customer will often get their money back. The credit card company refunds the money by taking it from the merchant where the money was spent in the first place. If that merchant has already sold the goods to the fraudster then it means they have now lost the goods and the money which paid for them. All too often this money doesn't get refunded to the merchant so they end up out of pocket.
There are two things wrong with this. Firstly it shows that the business isn't very secure. What checks were made to ensure that the transaction wasn't fraudulent? This type of negligence can cost the business its reputation. Secondly if there are many fraudulent transactions carried out over time, the merchant may have to increase their prices to cover the costs. This can lose them customers. Either way it really isn't good news for the business if a fraudulent transaction does take place.
Using Bank Identification Lists
Bank identification number lists are really easy to use. There are two standard varieties. The first you actually need to install onto your computer. When a payment gets put through online, the card details are automatically scanned by the software. You can set it so that it rejects payments from specific countries or from specific card issuers. This saves you a lot of hassle and you don't need to pay it too much attention. The other way that you can check bank identification numbers is to enter them manually. This can be a frustrating job if you tend to get a lot of payments each day.
The main thing to remember is that by entering the first six numbers of a credit or debit card number into the software can tell you whether it is being used fraudulently. It never hurts to be careful in business. The last thing that you need is to have your reputation damaged because you didn't carry out the relevant checks.
