How does a service offering BIN checks ensure that the verification is conducted accurately? The basis for the verification is a robust BIN database, BINdb. It is therefore essential that the service provider invests to get the right information required for the database. A good BINdb can provide a good picture or anatomy of the credit card, debit card or prepaid card. The first six digits of the card called BIN, Bank Identification Number identify the issuing organization. Other useful information that a good BINdb can provide is the type of the card, i.e, Visa, Master etc and also the level of the card, i.e Gold, platinum etc. From a BINdb the country in which the card was issued can be known.
Verifying the above information over and above the PIN number is very important to reduce the chances of fraud while carrying a transaction online. The layout or organizing of the database is crucial so that BIN checker can easily get the information required. BINdb can be used by any enterprise that choses online platform for their business. A sound BINdb should be well organized, accurate, user-friendly, dependable and also cost effective. Using a good BINdb, the six digit unique Bank Identification Number can be verified and validated by the business. This reduces the risk of fraudulent transactions and charge backs for the business.
While the businesses are using technology to improve business, they are also putting themselves at risk of running huge revenue losses due to fraud. An investment in a good BINdb, therefore is not practical but also essential to protect itself and its customers from fraudulent activities that are on the rise. For a business to build its own anti-fraud system it needs to invest time to collect data or chose to invest in a professionally developed BINdb with a good record of verifying card details.