subject: How Credit Card Bin Numbers Can Be Used For Fraud Prevention [print this page] Every retail business needs to be on its guard against fraud especially during the holidays. With Thanksgiving through Christmas, you have the busiest time of year, and with that comes theft. But not exactly the low brow shoplifting kind of theft. No, instead, credit card and identity theft is a far greater concern. It's a concern for the cardholder, the business, and the credit card company. In order to ensure a safe shopping environment for everyone, it is important to be vigilant at every level of the transaction. As a business owner, you are able to do so through the use of credit card bin numbers databases and lookup services. How exactly does this help one to prevent fraud from occurring? Quite simply, in the following ways:
1) Point of Sale Theft Prevention
When one looks up a credit card number in the bin numbers database, he can tell instantly whether or not there are any user alerts. Most of the time a lost or stolen card is reported within 24 hours of the infraction. Therefore, credit card numbers are updated immediately, and you can tell whether someone is trying to fraudulently use a card or not. Since all this occurs automatically at the point of sale with a simple swipe, you and your employees are in a great position to save innocent victims' money and put guilty persons behind bars. At the very least, you are able to provide details to law enforcement that will enable them to capture a thief without putting your employees and business in jeopardy.
2) Deterrent to criminal activity
As thieves become more aware of the ongoing advancements in technology, they start to take note of the least likely ways they can get away with committing fraud. If they know that your business is protected with up to date bin numbers, then they are less likely to try and buy something at your store. The more stores that make use of solid database and lookup services, the less likely credit card fraud will be committed successfully. The more deterrents that one can put in place for criminal activity, the cheaper processing fees for credit card companies will become, and the less of an impact fraud will have on your business. Furthermore, customers appreciate stores that value their security and are more likely to do business with you in the future.
As you move into the busy shopping season, it is important to stay aware of all the fraudulent activities that are going on out there. With credit card fraud being at the forefront of said activities, you owe it to yourself and your customers to set a measure in place that will protect everyone through each step of a transaction.
