You can detect fairly quickly whether a card-based transaction is spurious or not when you use BIN range database to verify the status of the gift, debit or credit card.
What is an IIN or BIN? The Bank Identification Number (BIN) or Issuer Identification Number (IIN) is the 6- digit numeric code displayed on the card. This is the designated identification code used in BIN database search to identify the card issuer. The BIN is unique to the company that issued the debit or credit card. The Necessity for BIN Database Listing BIN database and BIN search are used to track down and document all transactions made through debit and credit cards. The BIN database program obtains BIN records from banks and other financial institutions that issue debit and credit cards within an established network. An increasing number of merchants and other business entities are now using BIN database checker to avert possible frauds and scams in credit and debit card transactions. BIN database validation is now a basic component of the security protocols adopted by online merchants. Spurious and fraudulent debit and credit card purchases are the major concerns of online merchants and companies that operate online business. Huge financial losses are incurred by companies primarily due to their failure to perform the required BIN database lookup in order for them to detect potential frauds and scams. Companies have also encountered successive chargebacks as a result of several credit and debit card transactions which were found to be fraudulent. Fraud Prevention Efforts of MerchantsOnline merchants are seriously challenged by the threat of frauds and scams in credit and debit card transactions. Is it really hard to control fraudulent and spurious online transactions? This can be a serious issue only if the company is not able to flag down and detect questionable credit or debit card purchases. This is why it is extremely important for the company to have access to a comprehensive and up-to-date BIN database. When merchants and companies that operate eCommerce sites approve transactions without the benefit of a BIN database check, they face the risk of credit or debit card fraud and chargebacks. Companies are literally inviting trouble when they conduct their online business without accurate and reliable BIN database software. Surely, you do not want to authorize an online purchase if there is an indication of possible fraud in the said transaction. And you would only be able to detect and flag down questionable transactions if you can access the information needed to validate the status of the credit or debit card. You need to find the right business tool that can help you confirm and validate if the card is authorized or not. And with the appropriate BIN database download, you will be able to act with dispatch and prevent incurring losses as a result of fraudulent online transactions and chargebacks.