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As an online merchant, there is one thing that should be on your mind, which will be how to safeguard yourself, against criminals that will try to scam your products. This will not be an easy task and there are a number of websites, which have failed due to this reason. Do not be one of them and start doing a simple practice, which might save you from falling victim to scams or frauds in the future. There will be no way to prevent people from trying, but we can always make it harder for them to get away with it. Run a search on the internet, to find a bin database to run your search on. Bin stands for Bank Identification Number, but you do not need to be a bank to run this search. The bin number will be the first six digits on the face of the card, every card that is issued will have these numbers and you will be able to obtain information from them. Even just the simple question of asking for these numbers for validation, might deter some scam artist from trying, so the best thing for you is to start making this a normal practice. You will be able to tell the type of funding that the card, which being searched for is using. There are three most basic types and they are the credit, debit and prepaid cards. If a person is using the credit or debit cards, the amount of risk you will face is less, this is because banks take extra steps to ensure that only the person issued the card will be able to use it. You might want to check the country, where the card was issued to check if it valid. A card that was issued in the States, but being used in France will seem strange, unless there is a valid reason for it. If you see that a prepaid card is being use, you will want to keep a very close eye on it. The numbers of scams and frauds, which are reported, have only gone up. The main reason for this is because they are so easy to get and there are no checks, to see what they will be used for. Anyone with money will be able to walk into a store and purchase a prepaid card, without being asked a single question. The loophole, which is being exploited is to overcharge the card, why this is able to continue up to this day is unknown. When an item is over the limit of the prepaid card it should not be allowed to carry on with the transaction, but criminals have been able to do this causing merchants, to lose both their products and money. When the product is sent over it will be lost since the criminal will not be around, the banks notice that the balance of the amount charged is not correct and issues a charge back to the merchant. When the merchant sees the charge back, there will be nothing much that can be done at that point.
Now you are aware of the importance of BIN database. To assess the quality of data, try BIN database validation tool.
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