In today's electronic world, a lot of transactions are performed online over the Internet platform which poses a great risk on fraud transactions. Effective preventive measures are required to ensure a safe online transaction. One currently available effective measure is the use of the bank identification number on the credit card number. It is the first 6 digits of the 16 digits on any credit card.
BIN details
This BIN information is updated daily to keep track on the information that is necessary in combating credit card frauds. You can identify the country of origin and the bank which issued the credit card using the bank identification number on the card. You can determine the type of card which is represented by the bank identification number such as credit, debit, prepaid, charge or secured card.
The bank can also determine the card subtypes such as classic, electron or business as well as validate the card brand like Visa, MasterCard or American Express.
There is additional information stored in the bank such as the city, chip availability and telephone number.
Advantages
A BIN can be easily customized to your business needs; it is possible to integrate any credit card's BIN checker to your business demands and requirements so that you can block off even the poor performing banks.
You can also set the restriction preference on merchants and countries to reduce your online transaction frauds.
Bank identification numbers can be used to charge different fees for different types. This may be necessary for cards which are issued outside your country; an extra fee is usually imposed on non-resident credit cards for the exchange rates.
Some merchants tend to charge more on business cards than personal cards. As a merchant with active transactions, both online and offline, it is advisable to use a BIN database service which allows you to confirm your business transactions securely without the worry of frauds and scams.
BIN Conditions
For a identification number to be effective, it has to be user friendly. This is where a professionally handled BIN database is essential. It ensures that your BIN database will always be up-to-date with the necessary information for an accurate check on card used on the transaction.
The BIN database must also be accurate. This is where the latest state-of-the-art technology must be engaged to ensure its high accuracy. However, these BIN databases must be monitored closely with regular updates as there are constantly new merchants and banks setting up with many retailers and banks under receivership.
Dependability is another important criterion of identification number databases where accuracy in spelling will increase the search quality. It would be an added plus point if the BIN database achieves the ISO certification to assure the users of standard conformity.
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