Tuesday, November 27, 2012

What Is A Bin List And Why It Should Be Used

In today's age, online transactions have become a rage, as customers are increasingly selecting to use online sites to purchase popular products. With the rapid growth of online transactions, deceitful activities have started to emerge at a speedy rate, to eat into the earnings of online merchants. For online merchants, there is an urgent need for detection and prevention of online fraud. This is where BIN list or bank identification number database comes to aid. BIN list database helps merchants to monitor a dubious order and in turn strengthens the fraud prevention actions.

BIN list bank identification number provides authentic information about debit and credit cards. It provides vital information such as the name of the company, which has issued the card, such as MasterCard or Visa, what kind of card it is as well as what is the card level, whether it is a Classic or Gold card. Apart from these facts, the BIN list also offers other important details in relation to the debit and credit cards, which will prove to be highly valuable for online merchants during transactions. In basic terms, by means of the bank identification number BIN list, a merchant is able to benefit from an ultimate fraud prevention measure.

BIN list helps to throw light on the card holder and his card.
However, the ability to get hold of supplementary details, which extend further than the first six digits of the card, provides a trader with the essential fraud prevention measure. It can bring to an end to the dubious transactions. By means of the supplementary details provided by the BIN list, a merchant is able to increase the risk management factors. Through the information acquired by the BIN list checker, a merchant is able to find out whether an online transaction is fraudulent or not.

The BIN list credit card numbers for each credit card company are completely different. For instance, for BIN list for VISA begins with the 4 numerals. While for MasterCard, it starts from 51 and continues till 55, for Diners Club the BIN list card number starts with 38 or 36. Again, for Discover, it starts with 65 or 6011, whereas JCB has the same beginning with 35. The BIN list AMEX number starts with 37 or 34.

The BIN list data strikes a warning signal when the country, where the card has been issued fails to match with the country, where the delivery is intended. To strengthen fraud protection, the wide-ranging BIN list database assists an online trader to verify the genuineness of dubious orders. For example, if a debit or credit card issued by a bank in London is used to purchase and ship products to California, the transaction, which has been attempted, can be screened and reviewed prior to the completion of the order processing. This is definitely the perfect technique to avoid false card transaction.

As a result, by using BIN list database, online merchants are able to uncover details of card users extensively. Thus, they are able to prevent themselves from experiencing significant business losses.

1 comment:

  1. Such a very useful article. Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article.
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