Credit card fraud is responsible for the loss of billions of dollars of e-commerce businesses. Most consumers feel though that the law cannot secure or protect them against credit card frauds. Of course, it is not like that at all.
In case such fraud happens, e-commerce business must pay back the total value paid for any purchased item therefore, because of their loss, they will apply higher prices. Of course, there is a secure way for every e-business to prevent their business from credit card frauds.
Using a BIN Database to Reduce Loss
Bin Database offers a great help for every e-business owners to protect their business from all credit card frauds to happen. Bin Database, among many other programs, is by far the most useful to provide you with the most detailed credit card information within the shortest time.
All notable financial institutes that issue credit and debit cards use the Bin database program for credit card bin lookup, to track and connect cards to their system. E-business holders to see should use bin lookup database, whether an authorized company issues the credit card used for the transaction or not.
BIN database, when entering the credit card number will give you all the important details about a credit card, just like card-issuing country. By these details, e-shops can decide whether to approve the credit card or not. In case the bin checker cannot give any details about a card, this means that it is a credit card fraud and therefore can close down its system, decline the payment immediately and report it.
The credit card bin database will also let you know on the exact type of card used for the transaction so this way you will see, whether it is a credit, debit or prepaid card. Fraud purchasers are more likely to use prepaid cards. Therefore, several e-businesses use a system-alert when a card used for a purchase is a prepaid card, so they can either disapprove or make a closer check of the card. When you are alert about the risks of credit card frauds, so can they be all the better avoided.