With everything going online, even catching the crime has become faster and more responsive. But yet, the fraudsters often end up making a fool of the system and being advanced in their ways of working. A fully preventive vigilant approach is yet miles away from us.
Who suffers because of this?
Contrary to the common beliefs, the consumers do not suffer much from such a system with holes spread all over. The banks and financial institutions suffer the least in such cases. Who suffers most is the vendor caught in between the consumer and the banks.
When a fraud happens using a faulty credit or debit card, the actual owner of the card reports to the banks who in turn compensate her/him with the penalties accrued. But the banks are never going to keep the burden of such penalties on their shoulders. Instead, they pass this on to the vendors.
How are vendors made to pay?
The banks do not have much to pursue in such cases. It is rather simple- the terms and conditions between the vendors and financial institutions are such that there is hardly anything else that can happen. It clearly spells out that the safety of all transactions lie on the vendors and the systems they have implied for the same. Any fraud and the vendors only have to cough up the money to the banks.
Hence, the vendors are always on the wrong side, and therefore, are the people most worried about anti-fraudulent systems. It is due to their eagerness and patronage that websites like www.binkistcheck.com and others have come up with sophisticated and preventive anti-fraud measures.
How the BIN check list works
BIN stands for Bank Identification Number. It is simply a set of data regarding the various credit and debit cards that the various banks have issued. This database is exhaustive but may not be perfect. It has information about all the existing debit and credit cards and also has the history of each of them. By using the BIN lookup, a vendor can come to know about whether a card already has a fraudulent history or not. The BIN check list uses the first 6 digits of each of the cards to cross check the details while the online transaction is on. If there is even a little bit of suspicion, the BIN database automatically informs the vendor and the bank concerned. Hence the approach is preventive and many cases of frauds can be checked even before the actual transaction has happened.
How to get BIN lookup
It is simple to equip with this fraud preventive database- just contact www.binlistcheck.com, the owners and get it installed at a nominal price. Even the regular updates will be there so as to add any new information about a card with time. The data is fetched from the banks directly and are hence very dependable.
So get the BIN lookup on your mother server installed and safeguard against all kinds of online financial frauds. More than anybody else, it is important for you, the vendor, in order to safeguard your pockets.