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Bank identification Number - Prevent Any Fraud Attempts

By FlorianZippel Subscribe to RSS | December 17th 2011 | Views:
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Knowledge is a Power. When you have an access to the additional information beyond the simple string of the digits it is card number, and risk management components will use this data to estimate likelihood of the fraudulence based on the country of the issue and country of the intended delivery. Example where card is issued by the Canada bank, however is getting used to order the product for shipping to Moldova, is flagged for the review & additional screening prior to the order fulfillment will proceed.

Decrease Charge backs

It is the fact: the high customer chargeback ratio will break the business by significantly decreasing the profits and, worse, causing the suspension of merchant account when you exceed the pre defined ratio (generally ~2.5% of the original debits). By canceling the transactions, which are fraudulent and carry the high risk of the chargeback is an only guaranteed method to keep this ratio in proper check. Now the typical customer is accustomed to the high standard of the user experiences all over the web & we wish to help you to meet & exceed the expectations.

BIN List & Lookup Applications:

- Decide in case, card is debit or credit

- Different terms like rental car and travel industry

- Different fees to customer for the debit and credit

- Decline dealings that do not fit your requirements

- Determine in case, card is from the valid country for sale

- Need to sell to US customers online? Verify with the bank identification number check

- Exclude the countries with the embargo orders and watched nations

- Charge right fees to the foreign card holders

- Find the bank number & bank name

- Call in the code ten authorization in case, you question its charge

- Report any suspicious activity and make sure of every transaction

- Authenticate cardholder with right phone number

- Verify information to decrease fraud in all industry

Incorporating the list of the Bank Identification Numbers (BIN) in the internal system such as website shopping cart, call center check screen, accounts receivable department, credit card authorization software, and other application where to know the credit card type & contact information for issuer is helpful. Bank Identification Number, or BIN Lookup, or Institutional Identification Number, as well known as IIN, will tell you name of bank, which issued a card, type of the card like Credit or Debit or Visa or MasterCard. From BIN you may as well determine bank phone number & other details about card & issuer.

Bank Identification numbers are first six digits of the credit card number. BIN numbers are actually maintained by American Bankers Association, but, they don't distribute database, and make information public. Register isn't available to general public and Register is accessible to those institutions, which have issued the cards with ISO / IEC 7812 Parts 1 & 2 as well as whose information comes in Register; Sponsoring Authorities, authorized block holders, as well as network providers.

FlorianZippel - About Author:
BIN numbers are actually maintained BIN Lookup by American Bankers Association, and make Bank identification numbers information public.

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