How BIN Checker Can Be a Useful Tool In the Fight Against Credit Card Fraud

credit cardsCredit card fraud is a menace to the doing of business both offline businesses and online businesses. Many businesses have loss plenty of money to the extent of risking folding up through credit card fraud which cause them huge amount of amount for chargeback. Credit card fraud does not cause only in loss of money, it can also cause in loss of customers. Many customers do not want to take any risk with their credit cards. Thus, they take time to find out how effective the business they are dealing with is in combating credit card fraud. The only way to find this out is the number of credit card frauds that has occurred in your business. If you have experienced a number of credit card frauds within some period of time, consumers will be wary of you. One of the ways through which you can help in fighting credit card fraud is by using BIN checker. Let us first explain what BIN checker like is before going into how it can help you to fight against credit card fraud.

What is BIN checker?

A BIN Checker is a tool or software used to verify the details of a card for the purposes of matching it with the information provided by the card user in order to ensure that the card belongs to the holder. With this card, you will be able to find the type of card used, the brand of the card, the bank that issued the card and the country where the card is issued and other relevant information about the card. If these pieces of information does not correspond with the information provided by the user, it is a sign that the transaction may be fraudulent. BIN is an acronym for bank identification number. With the BIN checker, you will verify this number.

Fighting credit fraud with BIN checker

If you are using a BIN checker, you are contributing in the fight against credit card in a number of ways. Here are ways through which you can make such a contribution.

Reporting suspicious transaction to the police

You can help the police to capture fraudsters by reporting suspicious transaction to them. Normally, people that lose their credit card reports to the police within 24 hours from the time it was lost. So, if you report to the police, you will help them in their investigation.

Deterring credit card fraudsters

If you are using BIN checker and your business has history of spotting credit card fraud, fraudsters will be wary of your business. In fact, many of them will no longer purchase fraudulently from your business because they are afraid of being caught. So, you can help in the fight against credit card fraud by using BIN checker.

Increasing your customer base

It is also important that you use BIN checker as it will help you to increase your customer base. As already mentioned above, consumer use the services of businesses that will protect their personal and credit details. If you have strong security against credit card fraud, they will definitely buy from you.

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