Bank Identification Number or BIN is also an important aspect of the company’s MIS, especially in the event that you’ve got a considerable stake in Internet-based transactions a company that offers. Thus, you need to maintain an updated BIN list database in order to shield your e-commerce business from potential frauds and other forms of internet scams.
The BIN is the numerical code from the very first 6 digits of the gift, debit, and credit cards. The BIN is the safety code for the identity of the financial or banking institution that issued the card. But you have to acquire a BIN database that does not only provide you with exactly the BIN entries but of pertinent details about the card issuer in addition to the country where the cards were issued.
People who are knowledgeable about the intricacies of online transactions through the present, credit and debit cards will readily understand the requirement to get an up-to-date and comprehensive bank list.
Use Credit Card BIN List to Confirm Card Details
A BIN listing database empowers your company. It is a business tool that can protect and ensure the validity of all transactions online. This is a common concern for your organization and your clients.
Through appropriate risk management techniques, you can use the BIN listing download to detect suspicious online transactions and flag possible scams and frauds based on the country where the card was issued and the country of shipping.
The discrepancy in these statistics would indicate possible fraud at the said trade. For instance, you can determine whether a card issued by a bank that’s based in Canada can be employed for online purchases with shipping details pointing to dispatch visiting Moldova.
Having a BIN list checker, this transaction can be easily flagged for further verification and validation. This activity should be done prior to any trade is confirmed.
Even the easy confirmation of the issuer of this present, credit or debit card, and the identity of the person to whom the present, debit or credit card was issued is already helpful in ascertaining whether the transaction is authentic or not. The BIN listing checker will even help you determine the type of card that is used in the online transaction, while it is a gift, debit, or charge card. Obviously, you can even find the card manufacturer, whether it is an American Express, Visa, or MasterCard.
Avoid Card Fraud with Credit Card BIN Ranges List
A high prevalence of customer chargeback can seriously damage your enterprise. This is the principal reason you have to include the charge card BIN list as one of your priorities. Failure to institute measures that could reduce chargebacks may affect your margin, and in the worst-case scenario, may even cause the suspension of your account.
With a dependable BIN record checker, you can readily detect questionable and fraudulent card transactions and prevent surpassing the pre-defined chargeback ratio for merchants.