The proliferation of fraudulent activities that have to do with credit cards is one of the challenges faced by many credit card holders today and remains one of the many reasons why there is a need for every business to have a Bin checker. Every day, reports about credit card users victimized by frauds are heard, and most often, these reports are about stolen credit cards used by frauds to make purchases, as determined by the Bin checker. Once a credit card is lost, a credit card holder has to immediately report the loss to the issuing bank so as to prevent the one who stole the credit card from using it for his own gain. Every bank has its own Bin checker which it uses to trace the identity of the card and help the true credit card holder to protect his account.
What is the Use of the Bin Checker?
Most often than not, when a credit card is stolen, the one who stole the card takes advantage of the card by making purchases. Most of these purchases are often done online. Through the Bin checker, the merchant is able to determine whether the one presenting the card is the real credit card holder based on the system or not.
Why Does Every Business Have to be Equipped with a Bin Checker?
The Bin checker contains all the bank identification numbers (BIN) of every credit card, which refers to the number that can be found on the front of the card. In some cases, the Bin checker tracks down credit cards through the magnetic strip that can be seen in some card brands. The Bin checker depends on the BIN database in verifying the identity of every credit card presented to them. It is through this Bin checker that many businesses today are able to resolve issues concerning credit card frauds. The Bin checker also helps credit card holders to protect their accounts by preventing any fraudulent people from making any unnecessary charges to their accounts caused by purchases that they themselves did not make.
How Do Merchants Use the Bin Checker in Fighting Credit Card Frauds?
The Bin checker always works hand in hand with the BIN database, as this serves as its primary reference in identifying the details of the credit cards presented to merchants. Most of the time, when a credit card is stolen and the Bin checker identifies that the card used to purchase the goods is a stolen card, it is the merchant who makes disburses for the bought goods, especially when a report about the lost credit card has already been made by the real credit card owner. Once the Bin checker determines that the one presenting the credit card is not the individual to whom the card was issued by the registered bank, the issuing bank turns to the merchant for penalties. Through this, the Bin checker is able to help credit card holders prevent unnecessary charges to their accounts. Through the help of the Bin checker, the charges made by the fake credit card user from purchasing goods will be charged to the merchants and not to the individual from whom the card was stolen.