The internet is an epoch-making and a gigantic invention that has changed the way we do things in the contemporary society. It could be regarded as the man-made virtual world. Today, almost all commercial and economic activities can be carried out through the internet. This explains why more and more businesses are going online and doing transactions through the internet. Though, there are eWallets through which goods and services bought online can be paid, plastic cards remain the most popular among them all. It can be used both for online and offline transaction. However, despite its popularity and wide use, it is also very risky to use it. Using it requires high level of diligence. If you are not careful with it, credit card fraudster can steal your money.
It is not only the card owners that are affected. Businesses are also affected in a number of ways. If a consumer complains that some amount was deducted from their card for transactions they did not authorize and you were the recipient of the money, in most cases, the law requires you to pay them back their money. This is what is called chargeback. So, it is necessary that you do everything possible to protect your business against credit card fraud. Efforts are being made to combat credit card fraud which is on the increase nowadays. One of the ways that you can control credit card fraud is by using a BIN checker. If you have not started using it or if you don’t know what’s it, keep reading to know more.
What is a BIN checker?
A BIN is an acronym for bank identification number. It refers to the first 6 digits of credit, debit or gift card as well as any other type of plastic card. It is also called issuer identification number because apart from banks, there are other institutions that issue plastic cards. With this number, you will be able to determine the issuer of a card, the brand of a card and location of the issuer. As implicit from the name, a BIN checker is software for checking the BIN of a card. The software contains a database of BINs. There are a number of such software programs todays with differing sizes of database and functionality.
How can a BIN checker be of help to you?
Using a BIN lookup can really help you to avoid online fraud or being slammed with a chargeback. Normally, consumers provide their billing address and card details when they make payment before transactions are approved and order sent. With a BIN checker, you will be able to find out details about the issuer of the card such as the location, the type of card and address. When you get this information, you match it with what a consumer provides. If it does not tally, there is a problem somewhere. You may decline the order or take stricter measures before authorizing the other. In this way, you will protect your business against a possible chargeback which can weaken your business financially if there are many of them.