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.
You can look for the best Online Fraud Prevention System at Acutiytec
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 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 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.