Wednesday, July 11, 2012

Bank Bin Database - A Must Have For Online Merchants

Do you know that millions of dollars are being lost every year to scam artists and frauds? Using the internet is a great way to earn money, but over the years, it has also become a hunting place for criminals. They are seeking out people who do not know how to protect themselves, from falling victims to credit card frauds. Don't be one of those people who have lost both their products and money, to these criminals and safeguard yourself now. Start by searching out a good bank bin database to check against, this is easy and everyone can do it.

BIN stands for Bank Identification Number; this is the first six digits of the credit card. Using these numbers, we will be able to obtain information to help us decide, if the deal is safe or not. This is something that not a lot of people know about, but it has been around for some time. Using these bank bin numbers you will be able to save yourself, for the hassles of charge backs from the bank. You will also save yourself from money, which is lost during this process and increase your reputation for being a safe merchant.
There are many websites that you can find on the internet, to help you look for a good and reliable bank bind database. There are even free websites that offer this service for free. You are free to choose, the one that you feel is best suited for your company.

However, I have to say that free websites are somewhat limited, in their bank bin database and they are not updated as often. These free websites might not be able to find the bin number, which you are trying to search for. This might be a problem for some people, so if that is the case I will suggest you pay for a bin number database.

Spending a small amount of money, will still be less than losing your products or money. It will also save you from the headache of thinking that the money in your account is safe, only to see it taken away when the banks claim a charge back. This will happen because criminals have found a way to misuse the prepaid card. They are somehow able to charge a value that is higher to the prepaid card. After the product has been sent to them, the bank notices this imbalance, but charges you for the money instead.
There is no way to dispute this even in a court of law; many merchants have tried to do this only to walk away spending more money on lawyers.

It is a mystery, why merchants are not given more protection and why nothing, is done to prevent this fraud from happening. Unless there are other measures that we can use to safeguard ourselves, the best way would be to check the bin number that the person is using. From the information we will have to use our best judgment, to decide if the deal will be safe or not.

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