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.

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