Each year, millions of dollars are actually lost to the merchants because of pervasive & growing problem of the credit card fraud. Lots of people, which includes the consumers, believe this is the victimless crime, in case, it happens, then they will just call up the credit card company, and issuer, and have situation resolved. Some credit card companies also give the fraud protection, at times at the extra fee, thus consumers do not think much about the festering problem.
But, it is not victimless. When somebody's credit card is stolen, and number at the least, and used making purchases, whether in brick n mortar stores or online, and consumer whose card was fraudulently are charged calls in about every issue, merchant is one that pays price often. The credit card companies do not just wipe this charge from books & write this off as the tax deductible liability, and they turn to merchant for charging backs or other penalties.
Now, merchant will turn over and raise the prices to offset cost of the fraud that affects consumer in end. However, merchants are also figuring out the way to combat the growing problem of the credit card fraud. Also, they are now turning to the BIN databases for the help. BIN numbers are the Bank Identification Numbers on credit card and these are normally found on front of your card, however they are also found in magnetic strip on back (black strip that computer reads).
The BIN database is one of effective methods to fight fraud since it allows the merchants to do cross reference credit card information that are handed to them with the BIN database to make sure that card is real. When making use of BIN database, merchant can check that number is legitimate and current, issuing company's info, and consumer's billing information, which includes zip code.
Information that is collected by a merchant during the transaction will also help them to determine in case, they can move ahead with transaction or in case, there is any doubt about legitimacy of presenter's identity. The BIN databases aren't just for the traditional brick n mortar based stores, either. The online businesses also have taken the vested interest to use this technology as well as are learning to protect themselves against the fraud is an only method to get much closer of not being the victim of the crime.
The BIN database is excellent resource for the merchants that you can look out not just for the best interest however the interests of the customers. When the merchant will show the customers they are fighting fraud rightly, then this is the great selling point for drawing in more and more business. By running the BIN check by BIN lookup or BIN database, merchant is serving 2 purposes, which lead to the better a well as safer shopping experience. In case, all the merchants were doing this service, fraud can be eliminated virtually, there it will truly be the victimless crime.
But, it is not victimless. When somebody's credit card is stolen, and number at the least, and used making purchases, whether in brick n mortar stores or online, and consumer whose card was fraudulently are charged calls in about every issue, merchant is one that pays price often. The credit card companies do not just wipe this charge from books & write this off as the tax deductible liability, and they turn to merchant for charging backs or other penalties.
Now, merchant will turn over and raise the prices to offset cost of the fraud that affects consumer in end. However, merchants are also figuring out the way to combat the growing problem of the credit card fraud. Also, they are now turning to the BIN databases for the help. BIN numbers are the Bank Identification Numbers on credit card and these are normally found on front of your card, however they are also found in magnetic strip on back (black strip that computer reads).
The BIN database is one of effective methods to fight fraud since it allows the merchants to do cross reference credit card information that are handed to them with the BIN database to make sure that card is real. When making use of BIN database, merchant can check that number is legitimate and current, issuing company's info, and consumer's billing information, which includes zip code.
Information that is collected by a merchant during the transaction will also help them to determine in case, they can move ahead with transaction or in case, there is any doubt about legitimacy of presenter's identity. The BIN databases aren't just for the traditional brick n mortar based stores, either. The online businesses also have taken the vested interest to use this technology as well as are learning to protect themselves against the fraud is an only method to get much closer of not being the victim of the crime.
The BIN database is excellent resource for the merchants that you can look out not just for the best interest however the interests of the customers. When the merchant will show the customers they are fighting fraud rightly, then this is the great selling point for drawing in more and more business. By running the BIN check by BIN lookup or BIN database, merchant is serving 2 purposes, which lead to the better a well as safer shopping experience. In case, all the merchants were doing this service, fraud can be eliminated virtually, there it will truly be the victimless crime.
The BIN databases Bank Identification Numbers aren't just for the traditional brick n BIN lookup mortar based stores, either.
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