Are you worried about losing money to unscrupulous online fraudsters? BIN lookup services will help you reduce the risks of charge backs and fraudulent transactions. Every business transacting online stands the risk of fraud and needs a few checks in place to help minimize these risks. Charge backs are common and can cost the business a lot of money. Irrespective of what kind of charge back it is, the business still loses on the revenue as it ends up paying back the consumer the cost of the merchandise.
BIN lookup services help the business to identify a possible fraudulent transaction. A BIN lookup service searches for the unique six digit number on the credit card, debit card or prepaid card from the data base. BIN database usually contains the name of the bank issuing the card and also the country in which the card is issued. If the card is issued in one country and the transaction is made in another country, BIN lookup will raise an alert and the transaction can be declined by the bank issuing the card till further information is provided by the customer. In case of loss of card or theft of card, fraudulent transactions can be prevented. With the help of tools like BIN lookup, online merchants can reduce the risk of charge backs and consumers from misuse of the cards by online fraudsters.
With the increase in online transactions the need for BIN lookup services is also raising. Businesses and consumers are becoming more aware of the risks involved in using and accepting credit cards, debit cards or prepaid cards online. However, the need for online businesses is growing due to lifestyle changes of the consumers and so is the need for BIN lookup services to minimize the risks of online transactions.