Monthly Archives: December 2011

Protect Your Business With A Bin List Checker

A Bin List Checker can be vital in protecting your business if it involves transaction based on credit and debit cards. A bin list will enable you to find out whether the card that is being used for the transaction is authentic or not. In order to understand how a bin list checker protects you, it is essential to understand what a bin list is. It is essentially a bin list database which consists of the bin numbers of the cards. The term bin stands for Bank Identification Number and these are the first 6 numbers of the card number. These first 6 numbers contain a huge variety of supplementary information which enables you to know, amongst other things, the card company that has issued the card. The bank identification number is also known as the issuer identification number.

A bin list database is a system that is responsible for tracking and recording all the purchases that related to credit and debit cards through a networking system. A bin list checker is becoming a necessity of every business and all businesses are adopting it as their first line of defense against fraud related to credit and debit cards. It is specially an absolute requirement for the businesses engaged in E-commerce as they are the biggest victims and lose out a considerable amount of money each year. The reason for this is that it becomes easier to commit fraud online as the card information of a person can be stolen over the internet and then be misused. Furthermore, internet also complicates it for the business owner to track the card that they are dealing with. If I am a business that is operating in a certain region, the cards that I will be using for transactions will more or less belong to the same region. However, internet opens up the whole global village and I may be handed out a card whose real owner is at the other corner of the world and this would make is extremely difficult for me if I allow the certain transaction and then the issue of chargeback rises up later on.

A bin list credit card will make it easier for me to deal with the situation above as the bin list will enable me to know the country of origin of the card and if say, I’m being asked to deliver the product to another country, I have every reason to be suspicious. I will put the transaction on hold there and then and will do further verification. If I’m still not satisfied, I’ll cancel the order. As they so very rightly say, it is better to be safe than sorry. Therefore, if you are authorizing a transaction without verifying the user, you’re taking the chance of dealing with a fraudulent transaction and it is nothing less than a gamble.

It is your job as a business owner to protect yourself and evaluate the risks before taking a step. A bin list checker will put you in a position to evaluate the risk associated with the transactions and once you know this, you will be in a position to take on a level of risk that you are comfortable with rather than jumping in blind.

This will help you to minimize your loss from the money that you were previously being robbed off. Furthermore, you will also be saving a lot of time as the bin list credit card numbers will enable you to access the information regarding the cardholder and the issuer. You can use this information to instill screening measures in your organization like you can choose to accept a certain cards only like you can have a bin list for visa, and restrict your transactions to visa cards only.

You may be wondering whether keeping a list of bank bin numbers is legal or not. This is a good question and to answer it, one must understand the fact that the reason bin list was created to curb the fraud related to credit and debit cards. It protects both the business owners and the card holders and this is the only way to deal with it – everyone has to play their respective parts. The bin list database is perfectly legal software which has also been adopted by the insurance companies to evaluate the credit worthiness of their clients.
If you want to protect your business from fraud related to plastic money, a bin list is the ultimate tool.

Why is a Bank Identification Number Database So Important?

A bank identification number database can help you to easily verify whether a card based transaction is authentic or not. A bank identification numbers checker will check the status of the credit or debit card using the first 6 digits of the card number provided by using the bank identification numbers lookup to match it with the corresponding number in the bank identification numbers database. This will give you variety of information which includes the card company that has issued the card.

You can use this as a first level of protection and reject the transactions for those cards that you consider to be unreliable. This is extremely important as it gives you the flexibility as a business owner to customize the bank identification numbers database as per your specific requirements. For example, let’s say that you choose to deal with only Visa Cards and for this you will use bank identification numbers visa database only.

All those cards that are of visa will be in this database and therefore, you can restrict the transaction to those of visas only. This is just as example and on a more practical level you can impose restriction on the type of cards that you deal with. You can choose to accept only a certain type of cards or on the other hand, you can “blacklist” those card companies that you consider to be unreliable.

Credit card fraud is affecting many people online and each year such victims suffer losses that add up to millions of dollars. Online miscreants have become very sophisticated in their methods and one has to be proactive and take adequate measures to protect themselves against them. Everyone has to play their part and especially the online retailers can’t afford to give these miscreants the opportunity to have a field day at their expense. After all, you started out your online business to make money, not to give out easy gifts to all those who can plunder you.
The first step in putting a stop to these thieves is to understand how they operate. There are two major ways through which they commit credit card fraud – the actual theft of credit card and stealing the information of credit card over the internet.

A business that has bank identification numbers database will be able to use the information provided from the bin number to evaluate whether the card being presented to you is a stolen one. If the information provided by the bin number doesn’t match the information provided to you, it will be signal of danger. You can contact the customer whose card is being used which will help you to analyze if the case is a genuine one and if not, the customer will appreciate the effort on your part to inform him that his/her card is being misused.

The customer can then take the adequate measures to deal with the issue and may also become a loyal customer of yours impressed by the level of security in your business. It is win-win solution where both you and the customer wins. If you take the proper security measures to ensure your customers and your safety, this will not only be a deterrent to the miscreants but it will also enhance your reputation of a reliable business.
On the other hand, if the information of the customer has been stolen over the internet, you should as a very first measure ensure that you were not responsible for it by ensuring that all the transactions are being conducted over a secure connection. A customer will never forgive you if the credit card information is compromised because of a shortcoming on your end. Secondly, this will allow you to screen out the suspicious transactions.

A bank identification numbers lookup will give you the required information to assess whether you should authorize the transaction or not. If there are already any alerts on the card, you can cancel the transaction there and then. However, if the concern is of a minor nature, you can work with the customer to sort it out. A bank identification numbers checker will help you to identify fraudulent transactions right away if there has been any previous suspicious activity reported for that certain bin number and thus, you will get saved from shipping products that were not originally ordered by the actual cardholder.

A bank identification numbers database list is the truly the ultimate first line of defense for any business that deals with card based transactions.

Advantages of Using a Bank BIN Database

A bank bin database is an indispensable asset if you are an online business or one that accepts payments through credit cards and debit cards. A bank bin database will help you to prevent fraud, which is increasing day by day.

Where plastic money is a source of great convenience for us, it can also cause a lot of problem if it gets into the wrong hand. Even if they don’t get stolen, there is always the threat of fraud that can cause problems for both the business owners and the owners of the cards. It is therefore essential to have the adequate security measures in place to prevent such frauds, especially if you are an online business. All transactions of online businesses involve plastic money and the threat of fraud is high. Such businesses lose millions of dollars each year due to this menace.
You can save yourself and your customers from this threat with the use of bank bin software, which can use its bank bin finder to go through its bank bin database and find the related information regarding the bank bin. Bank bin identification is important when evaluating the worthiness of a certain transaction.

There are certain bank bin ranges on which every credit card number is established. A bank bin search will give you the appropriate information that will enable you to find out whether the credit card or debit card is faulty or not. What a bank bin database does is that it uses bank bin lookup to quickly search and provide you with supplementary information regarding the card like what is the bank of origin, the country of origin, whether it is a debit or credit card, etc. Such information can help you in a variety of ways, like if a credit card number that you are provided has a country of origin different from the location from where it is provided, this will make the transaction suspicious. You can use this to customize the bank bin database according to your requirement, which means that you can either place restriction on certain countries with a reputation for online frauds or banks that have a poor performance. This can add value to your unique requirement of the business and will also help you to reduce online fraud.

You may be well aware of the fact that different cards have different levels of risk. Therefore, why should you charge the same rate for taking an extra level of risk? A bank bin number list will help you charge different rates for the different types of cards, especially those that have their origins outside the country that you are in. Exchange rate risk is an additional risk that should be taken into account when dealing with such cards. This will lead to the most important benefit of bank bin identification, which is that it contributes to the bottom line of your business by increasing your profits. Not only will you be able to charge a higher rate for the higher amount of risk that you are taking upon yourselves, you will also be saving on the money that you were previously losing out to illegal transactions. A bank bin will also enable you to protect your reputation by keeping the charge back ratios low.

A bank bin finder is manufactured specifically to find whether the credit card details provided by the customers are real or not. The software can be downloaded on your computer after you’ve purchased it and all you need to do is to enter the bank bin in the bank bin numbers lookup so it can go through the bank bin number list and give you the appropriate information. You can then easily compare the bank bin number search result with the information provided by the customer and if they don’t match, you can stop the transaction there and then.
Taking the proper security measures will protect you and your customers from being exploited. You should consider the bin checker as an investment into you business that will payoff its cost from the saving it will create for you and enhancement of your reputation.

Prevent Online Fraud with a BIN Checker

More and more business are going online nowadays augment their core business. Some of them have gone as far as to abandon the brick and mortar setup to exist solely online. The importance of doing business online can not be stressed enough and it is becoming the primary choice of the people who have little or no time to spare in their already jam packed routines and prefer to do their transactions online from the comfort of their home.

However, as E-Commerce is growing, the threat of online frauds is rising as well. Online fraud is a menace which hurts the revenue of the business operating online. When transactions are made through fraudulent credit cards, debit cards or prepaid gift cards, this result in you losing money over sales whose money you can not recover. A vital solution for such frauds is to use the bank identification number to assist you in ensuring that the orders coming in are genuine which help you to screen out the suspicious orders and minimize your loss of online frauds. Bin checker sites are a great help in this aspect.

What is a Bank Identification Number?

In case if you’re wondering what a Bank Identification Number is, well, it is essentially a six digit number on a credit card or debit card which is used to identify the issuer of the card. It is for the same reason that it is also referred to as the Issuer Identification Number as it provides accurate information about the credit and debits cards which is used to find out things like the brand of the card, the type of the card, the standard of the card, and all the other crucial details that you will need to get the appropriate information about the card and its user. You can use this additional information through bin checker software to assist you in analyzing the credibility of the order that is placed.

Do you need it?

Whether you are a small business or a big business, you can not afford the fraudulent transactions to hurt your profits. After all, this is why you are doing business online in the first place, to make profit. If you want to protect your earnings to get eroded by such scams, you should employ the services of a Bin Database to be able to check the Bank Identification Number of every transaction in order to ensure the credibility of the transaction. Furthermore, it saves you from a financial loss that may occur from card charge backs.

If you are a big business, it will be especially very different difficult to keep track of the many transactions that are happening every day and an Issuer Identification Number will help you to screen out the fraudulent transactions from the genuine ones. A bin checker db is usually accessed for verification. Business online lose a lot of money each year because of online frauds and credit charge backs that happens as a result of it.

Try our free online BIN checker.

Bank Identification Numbers – What This is All About?

Credit and debit cards have become a necessity in the world of today. It is a cornerstone of E-commerce and online businesses largely rely on them for the transactions. However, frauds have become a predominant problem in the use of credit cards over the internet. The owners of the card are unknowingly charged for the transactions when their credit card numbers are compromised and they had to request their issuing banks for a charge back. However, the bank tries on their half to recover the amount and there is no surety that they will get the amount back. As for the online businesses, their credibility takes a tumble when their chargeback ratios increase and the fraudulent transactions erode their profit. It is, therefore, of the utmost importance to have adequate security measures to prevent such threats.

Bank Identification Number is a six digit number on a credit card or debit card which is used to identify the issuer of the card. It is also referred to as the Issuer Identification Number as it provides accurate information about the credit and debits cards which is used to find out things like the brand of the card, the type of the card, the standard of the card, and all the other crucial details that you will need to get the appropriate information about the card and its user.

Benefits of Using Bank Identification Number

The bank identification number, or issuer identification number as it is also known, helps you to analyze the transactions and to identify the suspicious transactions from fake cards or unauthorized users. These numbers add a screening layer to your transactions which is the best possible security measure.

A bank identification number will help you to protect your reputation by keeping your charge back ratios low. Customer will have faith that you have taken the adequate security measure to protect them and will place their full confidence in doing business with you. It is more or less of an industry standard to have a low charge back ratio and it can also prove to be a major competitive advantage if your competitors have not taken the adequate security measures and don’t exactly have a good reputation to the customers.

The bank identification number will provide you with a whole variety of information about the card which will help you to point out any suspicious aspect of the transaction and you can use the information that you can get from the issuer identification number to verify from the financial institutions as well as the real owners who will appreciate your prudence and in case of any misuse of the card, will become wary of the fact and will take adequate measures to put a stop to it. Not only will you be helping yourself, you will also be helping the customers and contributing to curb this menace of online frauds.

The most important benefit of using bin checker will be that it will help you to increase your profits. The money that you were previously losing out to such illegal transactions will no longer be flowing out of your pocket. As you’ve taken the adequate security measures, you’re protecting yourself and the customers from being exploited. Spending money to employ the services of a bin checker is not expenditure but a long term investment that will pay itself out in a short amount of time.

One of the best services out there is of ExactBins which have the most updated BIN list and an excellent level of service to accompany it. You can be confident that all Bank Identification Numbers are supplied with complete and accurate information. They give their consumer a chance to try out their service online and check for themselves how effective and easy to use it. The online demo binchecker gives you a sufficient preview of the quality of the service. It is a fully functional software and the limitation there is that you can you can make up to 10 BIN lookups in a day per IP. This is more than sufficient for you to get an idea of the quality of this service.

You can find a detailed description about the features of the product here and for further questions, you can contact us here.