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While instant verification and card processing in real time have made card fraud harder, it still happens often enough to cost in particular online businesses millions of dollars every year. This not only involves credit or debit cards, but also prepaid cards, which are often provided by insurance or medical companies and the gift cards issued by many merchants. It doesn't even need to be a case of a card being stolen for it to be used by an unauthorized individual. Sadly, every new development in card technology ultimately results in hacker's abilities also becoming more sophisticated. At the moment, they are able to hack into cards and use their numbers to drain the money put onto these cards or out of related accounts without their owners being aware that something is going on - until they find their cards cleared of funds when they come to use them. Using BIN checkers to verify a card's point of origin can be a most effective way of preventing card fraud involving any kind of card. BIN numbers are essentially bank identification numbers. Each bank, no matter where it happens to be located, has a unique BIN number. This number is without fail shown on all types of cards and is contained within the card number's first six digits. For example, the credit card bin number for a VISA Platinum Card that was issued by the HSBC Revolution Bank in Singapore would be 483585. The complete card number would be something like this: 4835 85xx xxxx xxxx. A prepaid card bin number of 601859 carrying a GAP, Old Navy or Banana Republic logo is identified as a GAP store card issued by GE Money Bank, while a debit card bin number of 475110 will indicate that this is a Visa Debit card which was issued by the Ulster Bank located in the UK. The same principle naturally also applies to gift card bin numbers. All, or rather most of these BIN numbers are stored in exhaustive bin databases, where they can be easily accessed by merchants, insurance or medical companies to track where they are being used and for what. Merchants can check bin numbers to determine where a card has been issued and compare the information received from the binbase against the location a purchase is made from and/ or the given delivery destination. By checking card bin numbers in this fashion, the likelihood of fraudulent use can be detected and acted upon by further, more detailed checks. Bincheckers are available both free and against a charge, although it has to be mentioned that free bin lookups are often not as accurate and reliable as the carefully checked and well organized paid-for binbase services. As a rule, the binlists compiled by the more expensive services are far more likely to provide the latest, most accurate information on BIN references currently available. Using bank identification numbers and BIN databases may not be cheap, but it can quite easily save both merchants and customers millions of dollars worth of losses.
Now you are well informed about the importance of bankidentification numbers for your business. Why not try bank identification numbers database now?.
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