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BINs are used daily - every time a sale or purchase is made, whether by credit card, debit card, prepaid or even a gift card. The BIN, or Bank Identification Number, consists of the very first six digits appearing on any bank card and identifies the issuer - such as a credit company or bank, of any given card. As use of cards increases exponentially around the globe, so do card fraud and thefts. The best defense against such fraud is an up-to-date, extensive BIN database, where debit card bin numbers, credit card bin numbers, gift card bin numbers and also gift card bin numbers can be easily checked.
Accuracy of paid-for, reputable bin bases typically exceeds 99%. With regards to completeness, a 100% complete compilation of BIN references does not exist anywhere. Having every number of every new card or bank issuing cards is impossible even for the best binbases. They do, however, work and strive continuously to obtain the latest information in order to maintain the highest possible accuracy of their binlists. Purchasing the relevant bin lookup software from such reputable companies gives any merchant access to continually updated lists of unique bank identification numbers and allows them to check bin numbers as and when required. Frequently, the bin checker software will include add-ons, such as databases containing relevant e-mail addresses, or IP location information. This then enables the merchant to determine whether a card's bin number points to the same basic location as the IP from which a purchase is being made. It equally enables merchants to contact the issuing bank via e-mail to enquire whether the customer to whom the card belongs is likely to make the requested purchase. Banks will often put a hold on purchases, in order to check with customers if they really are making these purchases. This may happen especially when purchases are being made from unusual locations or for unusually high amounts. Services provided by such bin base companies will provide users with thoroughly checked, carefully compiled databases, as opposed to the frequently computer-generated lists containing nothing but strings of hard to decipher BIN numbers usually offered by free services. An example of such a string can be seen here: 4790 80XX - Visa. This, obviously, tells a merchant very little. A good checker will provide information like this: 4790 80XX - Visa Credit card, issued by the BZWBK Bank in Poland. It may then also provide the relevant bank's e-mail address, as well as - if requested - the location from which the purchase is being made. The difference between free and paid-for services is clear, and using a paid-for service, while not necessarily cheap, will ultimately provide enough accurate information to prevent becoming a victim of card fraud. Information provided by free services may not be as accurate and could ultimately lead to false information causing more damage than they do good. In the long run, paying for BIN look-up services will save more money than it costs.
Now you are well informed about the importance of BIN lookup for your business. Why not trying bin lookup website?.
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