It’s no secret that the unending explosion in online credit card fraud is costing large and small businesses a lot of than consumers. That’s why many companies are turning to the BINbase database for help.
You see, consumers have access to a great deal of built-in security measures and sound legal remedies against credit card fraud. Any charges that are made on stolen or lost credit cards held by individuals are habitually discharged by credit card companies. Consumer credit card accounts can be literally shut down within minutes of discovering that the card has been lost or stolen.
But here’s the kicker, someone has to be responsible and pay — and in this particular case, it’s the merchants. Not only must merchant repay the credit card company for the total price of the goods fraudulently charged in the name of the victimized customer, but merchant accounts are also assessed a charge-back related administrative fee by the credit card company.
Using the BINbase database can help cut down on these extra fees you incur from fraudulent transactions. Plus, it is fairly unlikely that they will ever get the opportunity to recover the stolen merchandise.
So in essence, the BINbase database has become an indispensable tool to merchants fighting credit card fraud online. Now the BIN is the six digit number located on the front of all credit cards. This is not a random number, but a number assigned to the credit card issuer and links all transactions to that particular bank.
Here’s how the BIN system can help you. For one, the BINbase software gives you access to the billing address of the card so that you are able to see if the shipping address is different from the billing address.
Although you may miss out on a few gift purchases that the buyer may want to send to someone else, you will at the same time avoid fraudsters who are attempting to have an order shipped to their address and not the address of the card that has been stolen. Simply enter the BIN number in the BINbase checker and you will have the information you need to determine whether or not you want to process the transaction.
You can also use the BINbase database to check foreign addresses. Credit card fraud has become a global phenomenon and scammers have gotten clever. They attempt to have their orders shipped to addresses abroad. You can use the BINbase search function to flag orders being shipped to places such as Romania, Nigeria, Pakistan, the former Yugoslavia, and Indonesia where this type of fraud occurs frequently.
BINbase data can be used to check all transactions giving you the freedom to either automatically accept verified transactions or waive those that appear suspicious. You can even choose to go one step further and and use the BINbase number system to manually authorize every purchase to really cut down on fraud.
Clearly you can now see how a simple BINbase download can prove to be a valuable asset and one you can rely on for years to come. Consider learning more about the BINbase database today and take the necessary steps to stop credit card fraud from damaging your business and hurting your reputation.