How to Avoid Credit Card Fraud Using BIN Checker Apps

How to Avoid Credit Card Fraud Using BIN Checker Apps
  • Opening Intro -

    The impact of credit card fraud (you choose) can be far-reaching...

    ... not only affecting the credit card holder but also the online merchants and the Credit Card Company.

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Reports indicate that great deals of online businesses lose billions of dollars through credit card fraud (you choose). Though the law has a role to play in reducing the cases, end-users remain dissatisfied with how the cases are resolved.

Naturally, consumers believe that credit-card companies write-off unauthorized purchases but this isn’t always the case; if they do, they reach out to the online merchants for chargebacks and penalties. As such, the merchants increase their rates and so do the credit card companies charge higher rates to end-users. The vicious cycle had continued for several years until Bin Checker, Bin Lookup apps and websites were developed.

What is BIN?

Every credit card has a Bank Identification Number also referred to as the Issuer Identification Number embossed in front of the plastic card (usually the first six digits on a credit card, debit card, gift card or stored-value cards).

Electronic reading machines use the numbers to identify the card issuer which is electronically associated with the issuing organization, the customer’s designated bank accounts and the card itself; note they don’t identify cardholder. However, stored-value cards don’t always have a particular association with the customer.

So every time customers make a payment using any of the cards, the reading machines make an electronic identification process via the magnetic strip at the back of the card or a chip on the front side. Online merchants use various BIN/IIN lookups (e.g. the BIN Checker, BIN Lookup) to authenticate online transactions.

For example, where a customer’s BIN indicates a bank in a different country from his billing address, the app may call for further scrutiny.

How BIN Checker app works

Bin Checker sites allow merchants to go through bin databases and verify the information contained in the credit card. The app provides information about the issuing company and the card holder’s personal mailing address thus helping merchants determine whether it is a valid purchase.

Merchants can view information about the issuing organization, category of the card (i.e. standard, classic, platinum or business) the kind of card (credit, debit or charge), issuing company website and phone number, issuing country ISO name, ISO A2 code, ISO A3 code. Where such information is not available, the merchant may revoke the transaction, decline payment and report the case to the authorities.

Frauds tend to use pre-paid cards, hence the need for online merchants to equip their bin systems with applications that can alert them about the use of such cards. The systems may either revoke the transaction or conduct further scrutiny about the eligibility of the card before processing the transaction.

A while ago only companies that used dated payment systems accessed the Bin Checker, Bin Lookup app but today it is available to online merchants as well as small online businesses.

Share this article with friends and loved ones conducting online businesses. They no longer have to worry about malicious competitors who use consumers’ credit cards to make false purchases that cause trouble.

 
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