BINbase data is rapidly becoming the nerve center in many risk management assessments among both large and small companies. Truth be told, any business will face some form of credit card fraud. And in the past, not many grocery store owners could do that. Until now. BINbase software is taking the financial world by storm and providing business owners with tools to reduce the chances of becoming a victim of credit card fraud.
Holders of merchant accounts end up paying repayment fees when a fraudulent transaction occurs. So having access to reliable BINbase data can dramatically reduce those costs, 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 into the hands of the business owner and out of the scams.
With the BINbase database, you can learn all kinds of relevant information about a card before approving a transaction. You can find out whether the delivery address matches the billing address or not. You can determine if the card has had problems in the past or not, e.g. Frequent charges. In other words, you can better protect yourself from fraud with a simple BINbase search.
For those who are unsure of what credit card fraud simply said, it is about buying goods using another person’s credit card information. Holders of merchant accounts are highly susceptible to repayment fraud.
This type of fraud happens when a legitimate cardholder uses the card to purchase goods or services, but when the statement arrives, they contact the credit card company and tell the representative that they never received the item or service or never authorized the transaction in the first place. A BINbase computer system can help you better track these types of charges.
The next type of credit card fraud affecting merchant holders is online credit card fraud. It is the most common type of credit card fraud with transactions that people make daily. Now, this type of scam can be a bit complicated where hackers steal credit card information without the right cardholder knowing what has happened. To help avoid this problem, merchants can use the BINbase numbering system to verify billing and shipping addresses to ensure they match.
With all this in mind, it is relatively easy to access 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 a universal license. The features you have with your BINbase download will vary depending on the license and the provider you choose to use.
Check the reputation of the BINbase data provider and ensure that the BINbase list you receive is up to date and up to date. If you are ready to open new information channels and prevent fraud from harming your business, the BINbase database is a good place to start.