The use of plastic money (credit and debit cards) has made the doing of business online and even offline very comfortable and easy. However, it comes with a lot of problems in terms of security. We are faced with the reality of a new form of crime known as credit card fraud. If your card gets into a wrong hand, it can cause you some problem. The most unfortunate thing now is that credit card fraudsters have become more sophisticated and skillful that they do not need to have your card before they can carry out unauthorized transactions with your account. They only need to obtain your credit card details through their malicious malware and with your credit or debit card details, they can carry out unauthorized transactions with your credit card.
The above highlights the reason why the use of Bank BIN Database is crucial and indispensable for all online businesses and other offline businesses that accept payment with credit and debit cards. With a bank bin database, they will be able to guide against plastic money fraud which is on the increase on daily basis. With Bank BIN database, online businesses will protect themselves and their customers against credit card theft as it helps them to assess and ascertain the authenticity of any transactions. The bank BIN software is able to obtain relevant information about bank BIN by going through the bank bin database through its finder.
Every credit, debit and gift card is established on certain bank bin ranges. If a credit card as well as debit or gift card is faulty, an online business will be able to find out through a bank bin search. A bank bin database quickly search and obtain detailed information about a card using bank binchecker. The pieces of information obtained include the bank of origin, the type of card, the country of origin and the contact and personal details of the card owner for the purposes of matching them with the information provided by the user. If the information does not match, the transaction will be marked as suspicious and further investigation will be carried out.
With a Bank BIN database, an online business will also be able to customize and keep to their requirements. For example, they will be able to note banks that have poor performance and limit transactions from them or place transactions from them under strict investigation. They can also find out countries that have more cases of online fraud and also restrict transactions from these countries or be more careful with transactions from them. This step will help to reduce online credit fraud and also enhance the image of an online business. With a Bank BIN database, a business will also be able to find out cards that are more vulnerable to fraud and may charge them higher rate or restrict transactions with such type of cards.
From the above, it is evidently clear that Bank BIN database is of crucial importance to online business. It is a veritable means through which they will be able to reduce or avoid fraud completely.