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It is very clear that in order for people to make online purchases, they need to use credit cards. However, with the increasing number of fraudulent transactions, merchants are now in search for the most innovative way that will help put a stop to these actions. Credit card fraud is very hard to identify especially for online merchants. First, no one can really identify who is behind the whole transaction. What online merchants know is only as far as what the customer place on the answer filled, whether the person whose name appears on their database and the person who is making this transaction in real time is the same is not something that online merchants can confirm. This is why credit card frauds are widely happening online.
Now, if you are an online merchant and you are looking for ways on how to identify credit card frauds automatically, then you might want to consider getting yourself a bin checker. A bin checker is also referred to as bin checker software. Moreover, it is the one of the most sophisticated software used today to help identify credit card fraud even before it occurred. BIN stands for Bank Identification Number. This is a set of numbers, which are found at the front of a credit card. For online users, this is a part of the 16-digit number entered into the checkout page when making an online purchase. The BIN is the first six digits. The number is not randomly given to card holders, each of these numbers represent the bank or the institution that issued the card, the location where it was issued, what industry issued the card, card type and even the phone number of the institution that issued the card. For example, visa cards always start with the number 4, all MasterCard's start with the number 51 and 55, American express starts with 34 and 37 and so on.
The problem is that as of 2011 there are more than 110, 000 different bin issued, making it hard for merchants to identify, which cards are valid and which ones are not. Now, this is where bin checker card proves its importance, because all the merchant has to do is to enter the number into the bin checker database and it will automatically produce all the necessary information you need in order to identify the real owner of the card and whether or not the card is authentic. Bank bin checker can show you the result of its research in no more than two seconds, making it easier for both the merchant and the cardholder to make quick transactions.
Credit card fraud is an international problem. Moreover, because online shopping has become very popular nowadays, these transactions take place almost anytime and anywhere. Some people use credit cards from one nation to purchase from another and have them delivered to another country, so that authorities will have a very hard time pursuing who are behind the whole ordeal. However, if merchants are wise enough to check bin and identify the card owner, then fraudulent transactions may still be prevented.
Article Source: http://www.articlehotline.com/articles
Now you know about the importance of BIN checker. Feel free to check BIN online.
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