Paying online with plastic money in the form of credit card, debit card or ATM card has taken the world by storm in recent times. With growing trend and an unprecedented surge seen in online financial transactions, it is no wonder that frauds and scams also have increased at an alarming rate. Online card frauds have caused tremendous harm not only to credit card users, but also to online business merchants who have to deal with unwarranted Chargeback which create lot of hassles. Many risk management measures are tried to tackle this menace routinely, but one of the effective and useful measures in recent times to counter online frauds has been the usage of bank bin database. BIN is nothing but Bank Identification Number which is the unique first 6 digit numbers found in the credit, debit or any gift card number. It helps in verification procedure by not only providing the card issuing banks details; but also credit card holders credentials which can be used for correlating the purchases and keeping a database in case of any future frauds.
The necessitate for database of bank bin numbers
Every businessman who deals with online transactions on routine basis should understand the importance of Bank bin Identification. As failure to incorporate bank bin check to either avoid or lessen frauds will ultimately result in affecting business and client relations. As clients need to be confident and feel secure with the safety protocols in place to initiate business. If you don’t have bank bin lookup then your impending clientele base may feel insecure in using their credit cards and perceive it as security threat. Moreover if the company does not perform bank bin search then it may be liable to potential losses as clients will go on chargeback’s spree as well as fraudsters may be able to draw funds from the company clients. sulopay
Importance of bank bin identification
We can conclude in today’s modern times that bank bin database and bank bin lookup have become indispensable feature for the online financial transactions. It is imperative that you should be able to discover and authenticate the identity of the bank or any financial institution which will help you in verifying the credentials and approve the transactions. For example a Bin Number lookup will help you to identify the authority which has issued the credit card. This allows for quick and easy connection with the specific bank and also helps in accessing data easily. So while on one hand the customers can carry out their online transaction conveniently, on the other hand the merchants need not worry about chargeback’s occurring due to fraudulent transactions that take place. Due to the internet rage and easy availability the BIN Lookup can be carried out from anywhere. The information on the credit card issuers as well as the credit card holders are listed on the website online which can really help.