On your search for preventing fraudulent transactions in business, you will likely come across BIN databases. They have been created to let merchants know about the cards that are used in their stores. Fraudulent transactions cost businesses thousands of pounds every year. In fact the cost of fraud can be devastating for a business. So much so that it may even need to shut down. While this may be a rare occurrence, it does happen. The good news is that UK BIN databases can help you to prevent fraud in the first place.
BIN Databases: What You Should Know
BIN databases basically contain millions of BIN numbers. These are the first six numbers in the centre of your credit card. They are entered into a database and you will then be able to see information on the card and the person who it is issued to.
There are a number of reasons why you might need this information. Firstly you may need to know what type of card you are dealing with. When transactions are made online, you can’t actually see the credit or the debit card that is being used. So you don’t know whether it is a Visa, MasterCard or Discover card. Your business might not accept certain types of cards. You can set the BIN database to flag all transactions that are made with any cards that you don’t accept.
You could also want to know what country the card is registered to. If it’s registered to somebody in America, but it is being used in the UK, it could be a problem. Of course, the person could just be on holiday. If they are in an offline store you could tell by their accent. However when they are paying online it’s a little more difficult! Instead you may just need to reject the transaction as a safety precaution. The consumer may be a little annoyed if it was a genuine transaction. However, it’s always better to be safe rather than sorry when it comes to fraud prevention.
Unofficial BIN Databases
The first thing that you need to understand is the database you will be using is not official. Only card issuers and the government get to see the official list. It’s also worth pointing out that there are different lists available too.
Some BIN databases will deal only with specific types of cards. Some will include debit and credit cards, while others will accept a wide variety of cards. There are also specific UK BIN Database lists as well as ones for America. If you type BIN database into a search engine such as Google, you will be presented with local database results.
Just because the lists are unofficial it doesn’t mean that you should avoid them. The numbers contained within unofficial databases are still valid. Why not take a look online and find look up online reviews on the different databases available? They will give you a good idea of which ones are reliable and which should be avoided at all costs.