Bank Identification Number or BIN is an important aspect of the company’s MIS, especially if you have a significant stake in Internet-based transactions. Thus, you need to maintain an updated BIN list database in order to protect your ecommerce business from potential frauds and other forms of online scams.
The bin database online consists of BIN entries from merchants, banks and other financial institutions. The BIN is the numeric code from the first 6 digits of gift, debit and credit cards. The BIN is the security code for the identity of the banks or financial institution that issued the card. However, you have to obtain a BIN database that does not only provide you with the BIN entries but of pertinent information about the card issuer as well as the country where the cards were issued. Those who are familiar with the intricacies of online transactions through gift, debit and credit cards will easily understand the necessity for an up-to-date and comprehensive bank list.
Use Credit Card BIN List to Verify Card Details
A BIN list database empowers your company. It is a business tool that will protect and ensure the validity of all transactions online. This is a common concern by both your company and your clients. Through appropriate risk management techniques, you can you can use the BIN list download to detect suspicious online transactions and flag potential scams and frauds based on the country where the card was issued and the country of delivery. Discrepancy in these data would indicate possible fraud in the said transaction. For instance, you can determine if a card issued by a bank that is based in Canada is used for an online purchase with delivery details pointing to shipment going to Moldova. With a BIN list checker, this transaction can be easily flagged for further verification and validation. This action should be done before any transaction is confirmed.
Even the simple confirmation of the issuer of the gift, debit or credit card and the identity of the person to whom the gift, debit or credit card was issued is already useful in determining whether the transaction is authentic or not. The BIN list checker will also help you determine the type of card that is used in the online transaction, whether it is gift, debit or credit card. Of course, you can also detect the card brand, whether it is an American Express, Visa or MasterCard.
Prevent Card Fraud with Credit Card BIN Ranges List
High incidence of customer chargeback can seriously hurt your business. This is the main reason why you have to include credit card BIN list as one of your priorities. Failure to institute measures that would reduce chargebacks can affect your margin, and in a worst case scenario, may even lead to the suspension of your account. With a reliable BIN list checker, you can easily detect suspicious and fraudulent card transactions and avoid exceeding the pre-defined chargeback ratio for merchants.