Know Why the BIN Database Is Essential In Credit Card Fraud Prevention

The BIN database is one of the most essential business tools of companies who are concerned with the security and reliability of the online segment of their operations. It is extremely important for business owners and managers to invest in the right program so that they can effectively shield themselves from potential frauds when conducting business transactions through the Internet. While online business platforms have created a lot of possibilities and opportunities, business owners and managers should be aware of the fact that it also exposes them to a lot of risks and security issues.

Credit card and debit card purchases and transactions through the Internet offer a cost-effective and fast way to generate income for the company. However, those who fail to acknowledge the attendant risks of online transactions are facing serious financial backlash. You have to remember that some of the best things in life or business may come with a stiff price. Online credit card and debit card transaction are avenues for various forms of scams and frauds. You have to be vigilant and adopt the appropriate safety nets so that you prevent possible credit card and debit card frauds and scams. The most effective security measure for this is the Bank Identification Numbers checker.

Of course, you must not only focus on the database listing. You also have to verify the kind of data that are included in the BIN database download. While there are sites that provide the BIN database free, it is best that you consider online sources that offer the appropriate and complete information and data in their BIN database file. In order to get a visual reference on how the checker works in addressing your security concerns, it is imperative that you consider online sources that feature free online demo of the BIN database check process.

The BIN database table and validation are critical tools that you need in order to detect potential frauds in the company’s credit card and debit card transactions. It is a seamless and fast way to monitor possible frauds so that you can take appropriate actions in addressing the situation before confirming a proposed purchase or deal with your clients.

There are now hundreds of thousands of online stores that are now using the BIN database search, and they are now reaping the benefits of their decision to use BIN database lookup in verifying and validating debit and credit card-based transactions. The database file can be used by business owners and managers in assessing the risk of online and credit card or debit card transactions. You have to remember that millions of dollars are lost by companies because of their failure to avert fraudulent transactions and purchases using spurious debit cards and credit cards.

11 Secrets to Paying Off Credit Card Debts – Money Saving Expert

The current growth of UK debt is £1million every 8 minutes and we all contribute a Stonking £263 million in interest a day. There is currently 27.4million credit cards transactions made a day with a total value of £1.56billion. The total credit card debt in the UK for September 2008 was £55.7 billion and the average adult in the UK has approximately 4 credit cards, store cards and debit cards.

It is little wonder that we are all looking for the ‘secrets to paying off our credit card debts.’ We make our monthly payment and then find that we paid more in interest than the amount that was reduced off our outstanding balance. Frightening isn’t it!

When you look closely at your credit card statement you will see that the interest rates are somewhere between 0% and 27% per year depending on the provider. The average card is generally around the 17% +/-mark.

The secrets to paying off your credit card debts are:-

1. Credit card consolidation is the solution of last resort unless it is the only option available to you due to the lack of your disposable income.

2. Shop around for a credit card provider who offers a 0% credit card deal for the longest period of time. The normal offer is for 9 months or 12 months. Check the providers transfer fees for moving your balance to them and see if you can find a provider with either a lower fee or even better no transfer fee. Make sure that you move the balance to another card at the end of the 0% deal. If you don’t then you will certainly go on their worst interest rate deal. Don’t try and arrange too many 0% deals in the same month as you could find yourself being turned down. Just move one or two cards every other month.

3. It is also worth considering a credit card with a low interest rate for the term of the balance. But don’t spend any money on it as the interest rate for new purchases will be exorbitantly higher.

4. If you are paying any Payment protection Insurance then you must see if you can find a cheaper policy to cover all your outstanding cards elsewhere. You should cover yourself for accident, sickness and redundancy with the same cover or better. Then cancel the credit card protection insurance from your credit card.

5. Move all of your credit card balances to better interest rate deals. Make sure that you move all you highest interest rates onto the lowest interest rate deals first.

6. Don’t forget you can always ring up your credit card provider and ask what deals they have. It might be a better deal then you are currently on and any deal that is lower than you are paying now is better.

7. Now you have rearranged your credit cards you should start paying as much as you can comfortably afford off the highest interest rate cards first and the minimum allowed off the interest only cards. Get the highest interest rate cards down as quick as you can. Keep moving those cards to the next best interest rate deal as soon as the last deal finishes until all your credit cards have a ZERO balance.

8. Once you have cleared a credit card balance completely then cancel the card and move the money you were spending on the card you cancelled to the next card and watch as your balances just fall away.

9. Start using your debit cards instead of your credit cards and you will find that this will curb your passion to spend on plastic. You will go overdrawn in your bank account if you have not got enough money to cover your purchases. The bank will charge you an overdrawn charge of around £20 to £37 and you will quickly realise that you can only spend what you can afford.

10. When you have a Zero balance and one credit card left you need to reward yourself you have earned it! What a Result! Congratulations

Now that you are debt free and in control of your finances you may like to try this. You have now qualified as a Master Credit Card Tart. Apply for a 0% credit card. Then withdraw the full amount of credit they have given you and buy National Premium Bonds. Pay the minimum monthly payment allowed. At the end of the 0% deal move the balance to the next 0% deal and so on. Here is the best bit it will never cost you anything and all the winnings are tax-free and all yours courteous of the credit card company. You may just be one of the two lucky £1million Winners that they announce each month. What a flexible friend you now have!

The eleventh secret is you could contact Finance Claims Checker and let them see if your credit card agreements are invalid and unenforceable in law. If they are then they may be able to have your credit card balances written off using their solicitors and the legal loopholes in the Consumer Credit Act 1974.

How to Avert Credit Card Fraud With A BIN Checker

If you do not know what a BIN checker is, here is a quick primer. BIN stands for Bank Identification Numbers. These numbers are collected and put in a database and the database is commonly known as the BIN database.

The database is used by both offline and online retailers to verify card transactions. These cards can be credit cards, debit cards, or even gift cards. The database contains information about the cards, which includes the issuer, the card type, the card number and more. When a transaction takes place, the retailer immediately do a check with the database. If it’s a valid card, the transaction is approved. If the card fails validation, the transaction is rejected instantly so no real damage is done. Now why is it important for a retailer to verify cards in real time?

Imagine that a “customer” tries to make a purchase with a stolen card and bought hundreds of dollars worth of products. Without any sort of verification tools in place, the business approved the transaction and the sale was completed. Then the real owner of the card discovered that his card was missing (i.e. stolen). So he made a police report and immediately issued a charge back with the bank.

In this case, the bank will process the charge back based on unauthorized transaction. The money would be returned to the owner of the card. Note that the business had already delivered the products as the sale was completed. The business suffered hundred of dollars immediately as it’s unlikely that the products will be recovered. The business also has to pay for charge back fees. Such business costs are normally just passed on the consumers – the real paying customers.

Sounds unfair? Feel like doing something about it? What if there is something that CAN be done?

The solution is to use a BIN database. This is a tool that helps to verify transactions before there is any real harm done. When a card is rejected, there are no charge back fees. The business also does not risk losing valuable goods.

How to verify card transactions with a BIN database?

The solution is simple. Simply invest in a good database. The key is to get a database with highly accurate records. That means the supplier should update the records on a regular basis. Since new cards are issued and scrapped every day, databases should ideally be updated daily.

Your system must also be integrated with the database so that when a card is used, a check is performed instantly. Therefore, the database should come in a format that can be easily hooked up with your current system.

When the database has been successfully integrated, you will start to enjoy the benefits of having a BIN checker. Business costs associated with card fraud and thefts will be minimized and profits will be substantially higher in the books.

Stop Credit Card Fraud With a Bank Identification Number Database

Do business owners and managers have to invest in an accurate and complete Bank Identification Number (BIN) database? Business transactions nowadays are performed electronically, and you have to institute the necessary safety protocols to protect not only your interest but the interest of your clients as well.

BIN database download not only make the online transaction safe and secure. This business solution also allows you to process and complete the transactions with your clients in just a few seconds. Companies constantly face the threat of credit card frauds and you would need bank identification number checker to flag suspicious transactions and prevent frauds and unnecessary chargebacks.

This makes visa and MasterCard identification important tools to counteract any attempts by shady characters to commit online scams and other fraudulent activities online. This business solution allows you to secure online transactions and protect your company’s stake and reputation as well as the interest of your clients.

General Features of Bank Identification Number Database

The credit card checker is presented as numbers in excel following an 11-column format. You can use any programming language to parse the updated numbers list. Thus, it is imperative that you find the source that will provide you with easy access to accurate and complete BIN list. And you should be able to access the BIN database without any technical issues and challenges.

Additionally, your provider must be able to deliver the most accurate and up-to-date BIN database list. The most current BIN database would normally contain around 140,000 entries covering over 9,000 banks. A comprehensive database should consist of data culled from various sources. The records must not only come from online sources. To have a comprehensive database, the data should also be obtained from merchants that regularly process online credit card payments as well as records from banks and other financial institutions. There are entities that offer over 300,000 records. However, these data sources only provide you with the numbers but come with no information about the bank or country of origin. Obviously, these numbers are practically useless.

Key Benefits of Bank Identification Number Database

A reliable BIN database should consist of updated BIN entries from different banks and other financial institutions. Companies will be able to pinpoint the credit card issuer and the country of origin with the right BIN checker. This business solution provides better security profile for your business. Thus, you will enjoy the full confidence and trust of your clientele. This should be an important aspect of your company’s branding, and if you want to avoid or minimize frauds and other forms of online scams, you need to spend on the right BIN database.

Secure Online Transactions With a Credit Card Bin List

Bank Identification Number or BIN is an important aspect of the company’s MIS, especially if you have a significant stake in Internet-based transactions. Thus, you need to maintain an updated BIN list database in order to protect your ecommerce business from potential frauds and other forms of online scams.

The bin database online consists of BIN entries from merchants, banks and other financial institutions. The BIN is the numeric code from the first 6 digits of gift, debit and credit cards. The BIN is the security code for the identity of the banks or financial institution that issued the card. However, you have to obtain a BIN database that does not only provide you with the BIN entries but of pertinent information about the card issuer as well as the country where the cards were issued. Those who are familiar with the intricacies of online transactions through gift, debit and credit cards will easily understand the necessity for an up-to-date and comprehensive bank list.

Use Credit Card BIN List to Verify Card Details

A BIN list database empowers your company. It is a business tool that will protect and ensure the validity of all transactions online. This is a common concern by both your company and your clients. Through appropriate risk management techniques, you can you can use the BIN list download to detect suspicious online transactions and flag potential scams and frauds based on the country where the card was issued and the country of delivery. Discrepancy in these data would indicate possible fraud in the said transaction. For instance, you can determine if a card issued by a bank that is based in Canada is used for an online purchase with delivery details pointing to shipment going to Moldova. With a BIN list checker, this transaction can be easily flagged for further verification and validation. This action should be done before any transaction is confirmed.
Even the simple confirmation of the issuer of the gift, debit or credit card and the identity of the person to whom the gift, debit or credit card was issued is already useful in determining whether the transaction is authentic or not. The BIN list checker will also help you determine the type of card that is used in the online transaction, whether it is gift, debit or credit card. Of course, you can also detect the card brand, whether it is an American Express, Visa or MasterCard.

Prevent Card Fraud with Credit Card BIN Ranges List

High incidence of customer chargeback can seriously hurt your business. This is the main reason why you have to include credit card BIN list as one of your priorities. Failure to institute measures that would reduce chargebacks can affect your margin, and in a worst case scenario, may even lead to the suspension of your account. With a reliable BIN list checker, you can easily detect suspicious and fraudulent card transactions and avoid exceeding the pre-defined chargeback ratio for merchants.