subject: Cut Down Fraudulent Transactions Dramatically With Bin Ranges For Credit Cards [print this page] Save your business thousands of pounds/dollars with effective BIN ranges for credit cards. By installing this cost effective database you could really help to cut the costs of your business dramatically. You can stop all potential fraudulent transactions which helps to increase your reputation, save the victim of fraud from losing any additional money and saving your business from suffering various charge back fees.
Why Fraud is Costing Businesses Thousands of Pounds Each Year
Fraud is a very big problem for companies as well as the actual victims of the fraud. These days it's actually quite easy for the victim to get their money back. Most modern credit cards come with standard protection. This means that if their card is lost or stolen, a charge back will be given to the business where their money was spent and a refund will be put back into their account. While this is great news for the customer, it's not good news for the business. The chargeback fee leaves them out of pocket.
On a short term basis charge back fees aren't overly damaging to a business. However, the problem comes when there are a lot of fraudulent transactions made over the year. Or it can also be a problem if there are a few transactions which are fairly high in value. This can lead the company to increase their prices in order to recover the money that they have lost. If the customers aren't happy with these price increases then they can shop elsewhere. The business then suffers the consequences for what the fraudster has done.
That is why so many businesses these days are turning to BIN ranges for credit cards to help them.
Are BIN Ranges Lookup Always Successful?
Even though most BIN databases have an extensive list of numbers in them, unfortunately they are not always 100% accurate. This means that when you carry out a BIN ranges search it may not always bring back any relevant results. This means that you have to make an instant decision. If you are using the database in an offline store then you need to decide whether you need any additional ID. That can make your decision easier. If you run an online business then you can run a script which declines any BIN ranges that are not recognised by the database.
This is definitely the safest way of working around the problem. It will very rarely happen but it's worth being prepared just in case a number isn't recognised. The reasons why the number might not be in the database vary. It could be that the person has now moved and the details haven't been updated. Or it could be that they have received a new card that hasn't yet been put onto the system.
These are just some of the things that you need to be aware of when you are looking into bin ranges for credit cards. No system will ever be 100% effective. It's also worth pointing out that you won't have access to the official BIN ranges database. That database isn't open to the public.
