BINbase data is quickly becoming the nerve center of many risk management assessments among both large and small businesses. Truth be told, every business will face some type of credit card fraud. And in the past, there was not much merchant account holders could do about it. Until now. BINbase software is taking the financial world by storm and giving business owners the tools to lessen the chances of being victimized by credit card fraud.
Merchant account holders end up paying charge back fees when a fraudulent transaction occurs. So having access to reliable BINbase data can cut down on these costs dramatically and here’s why – a credit card’s BIN number can be run through a BINbase checker and verified before the transaction is processed. This puts the power back in the hands of the business owner and out of the hands of the scammers.
With the BINbase database you can learn all kinds of pertinent details about a card before you approve a transaction. You can find out whether or not the shipping address matches the billing address. You can determine whether or not the card has had any issues in the past, such as frequent charge-backs. In other words you can you better protect yourself from fraud with a simple BINbase search.
For those who are unsure of what credit card fraud, simply put, it’s the act of buying items using another person’s credit card information. Merchant account holder’s are highly susceptible to charge-back fraud.
This kind of fraud happens when a legitimate cardholder uses the card to buy goods or services but when the statement arrives, they contact the credit card company and tell the representative they never received the item or service or never authorized the transaction in the first place. A BINbase data system can help you better track these types of charges.
The next type of credit card fraud that affects merchant account holders is online credit card fraud. It’s the most common type of credit card fraud with transactions that people do on a day to day basis. Now this type of fraud can be a little complicated, where hackers steal credit card information without the real card holder knowing what has happened. To help avoid this problem, merchant’s can use the BINbase number system to verify the billing and shipping addresses to ensure they match.
With all this in mind, it’s fairly easy to get access to BINbase data and integrate the program into your system. The BINbase database is not open to the public but you can purchase either a single user license or universal license. The features you will have with your BINbase download will vary based on the license and the provider you choose to use.
Check the reputation of the BINbase data provider and make sure the BINbase list you receive is current and up-to-date. If you’re ready to open up new channels of information and prevent fraud from hurting your company, the BINbase database is a great place to start.