BIN numbers and their impact of fighting Credit Card Fraud |
| Date Added: December 28, 2008 01:08:21 PM |
| Author: |
| Category: Payment Service Provider & Credit Card Processors: Online Payment BLOGS |
| I came across some forums where some service providers of BIN (Bank Identification number) numbers offered those for sale. There are a lot of great Credit Card Anti Fraud providers that offer access to those numbers, however, the credit card association like Visa and MasterCard do not accept any member sharing them. What are the BIN numbers used for ? If you Accept Credit Card Payments on your website or even Offline through a Virtual Terminal, then you can quickly compare live transactions against the BIN’s to validate the credit card number, also if a card is stolen, it will be listed as Stolen Card in the BIN database. So you will like to have an up to date BIN database to be effective. So it is a question of where those numbers are released. If you Accept Credit Card Payments you will properly have faced fraud, fraud like someone that have bought a product or service from you and then made a chargeback or fraud where your credit card processor notified you that the transaction for a certain transaction was fraud due to wrong or non existing address or the card number is from a stole card. Read the rest of the article at Accept Credit Card Payments |
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