As the number of fraudulent e-credit card transactions is mounting rapidly, Bank Identification Number (BIN) acts as a handy tool to avoid online credit card frauds. It is a first six digit number of your prepaid, debit, gift or credit card, which is utilized in each transaction you make. When customer makes use of his credit card to buy any stuff from shop, then BIN is the most efficient tool that can help the shop owner to verify an identity of card holder. So, with the use of BIN system, businesses can correlate purchases made by customers with their card identity and give approvals only after prior verification. BIN database can be effective in preventing credit card frauds only if following conditions are met-
• Database accuracy: An accuracy of BIN database plays vital role in its effective use to prevent online credit card frauds. Though, it is impossible to achieve BIN database, which is hundred percent accurate, it can be monitored and updated on regular basis. Businesses should choose a database which gives exhaustive information like country of abode with specific BIN numbers.
• Usage simplicity: Generally, a proper and accurate BIN database is easy to use and compatible with any format that is used in programming language. Simplicity in usage and its adaptability with different formats are the most crucial criteria for selecting BIN database.
• Quality of records: A premium BIN database can provide quality records as compared to those provided by free database. As errors are negligible, the automatic filtering process can take place effectively. Prefer BIN database, which got ISO certification and provides quality standard hallmark. A database from reputed source will also offer after sales service and give updates on regular basis.
• Database cost: Generally, you will be charged onetime fee to get BIN database license and its usage. You need to consider the quality of database that is linked to price while selecting a particular BIN database.
It is essential to have an authentic and up-to-date database in order to verify the customer information, which helps in prevent online credit card frauds. Make sure you look for above criteria before taking a decision of sourcing BIN database.
