subject: Bin Numbers Lookup- What You Need To Know [print this page] Have you used BIN numbers lookup before? If not then now may definitely be the time to start. There are a number of advantages to looking at a card's BIN and the main one is to stop yourself from being a victim of fraud. So many fraudulent transactions take place every year. Why be a victim when there's a way to prevent it?
Using BIN Numbers Lookup to Catch Potential Fraud
Once a fraudulent transaction has been made, it's almost guaranteed that you will lose the money that was given to you. Credit card companies have quite strict fraud policies these days. This means that they always give the customer their money back, despite the consequences to the business.
If a customer has their card stolen, they are pretty much guaranteed to get the money back. All they need to do is contact the credit card issuer and report that their card has been used fraudulently. The issuer will then take the money back from whichever companies the fraudster has shopped at and the money will then be placed back into the customer account. This means that the company has lost their goods and the money to pay for them.
BIN numbers lookup uses the first six numbers on a credit/debit card and it matches them against where the purchase is being made. You get to see where the card was issued and who it belongs to. Some BIN numbers databases even contain address information for the card too. This helps you to determine whether or not you think the person using the card is the owner.
When to Use a BIN Numbers Lookup
It is always worthwhile using BIN numbers lookup when the transaction being made is quite high. You'll find that fraudsters often want to get away with as much money as they can before the card is reported stolen. Therefore they'll try and buy something large such as a television or a computer. This isn't always the case, but it is definitely worth being suspicious if the purchase is for a large amount.
Ideally you should use BIN numbers lists every time that a transaction is made. However there are some circumstances where there's more of a need to be suspicious. If the customer is paying in store, you can watch their body language. Do they seem comfortable or are they acting a little strange? Of course, some people are naturally shy and may be uncomfortable when paying anyway, but it is always worth being careful.
Whenever you have any doubt that the person isn't who they say that they are, you should protect yourself by using a BIN numbers list. This is the safest, easiest way of trying to protect your customers and your business from fraud. It is a big problem at the moment but using a BIN numbers list can help you to tackle part of the problem. More businesses should invest in this type of software. It's inexpensive and you can try it out for free usually too thanks to demos of various BIN numbers software.
