The introduction of BIN checker software is a boon to the business world. Through the use of the software, businesses especially online businesses accepting payment with cards are able to obtain wealth of information and match it with the information with the consumer details. This helps them to prevent or guide against fraud because with the information obtained, they are able to ascertain the legitimacy of a transaction. The information depends on the BIN lookup software being used. Generally, a normal BIN lookup software will tell you the bank that issued the card, the country from which the card is issued and they type of card the costumers are using. With these pieces of information, merchants are able to guide against fraud. The question to be asked here is, how does the use of BIN checker like http://binchecker.com/ help businesses to prevent fraud? Read on to know the answer to this question.
How you can prevent fraud with a BIN lookup
Here are the various ways in which BIN checker can help you to save your business from being a victim of a fraudulent transaction.
Matching the billing information and the information on the card
The Bank Identification Number (BIN) which is also known as the Issuer Identification Number (IIN) is the first 6 digits of a card. This number contains useful information which tells you a lot about the card and the card holder. Normally, merchants require their consumers to provide some pieces of information when they are about making payment. These pieces of information are the same with the one contained in the card. So, you need to match these pieces of information in order to discover a fraudulent transaction. If a card is issued in the US for example, and the customer in the billing information provides an address in the UK, it is a sign that the transaction may be fraudulent. Thus, if you are faced with such transaction, you need to be very careful and carry out thorough check before authorizing the transaction. You can even reject the transaction outright.
Screening of cards
Another way the BIN lookup software can help you to prevent fraud is by making it possible for you to screen cards. There are different types of cards each having its different features. From the BIN, you will be able to tell which type of a card a consumer is using. If a consumer is using a particular type of card which your business does not accept for payment, you will be able to find out. In other words, with a BIN checker, you can only authorize transactions paid with only acceptable card type. In this way, you will prevent fraudulent and suspicious transactions.
Discovering suspicious transaction
If a large subset of cardholders are affected by a data breach and you know of this data breach that affects these cardholder, you will be able to discover any suspicious orders with such card if you make use of BIN checker software to match information.
The above are some of the ways you will be able to prevent fraudulent transactions with the use of BIN lookup software.