BinBase.Com, Ltd. Releases a Significant Update to Bin Numbers Database

    LARNACA, CYPRUS, February 10, 2011 /24-7PressRelease/ -- Binbase, a credit card BIN database provider, has made a significant update to its BIN database. It has added over twenty-six thousand records to its BIN database. Two new credit card brands have also been added - Discover and JCB. After adding two more new credit card brands, the BIN database has become one of the most effective BIN lookup solution in the credit card security industry. It also has one of the largest number of credit card records - a total of 111,707 credit card numbers.

Why Credit Card BIN Number database is required

Ecommerce has been on the rise as more and more consumers are turning to the Internet to make purchases. There are many benefits associated with shopping on the Internet. For instance, consumers find it more convenient to shop for items online as they can easily compare prices. Due to this uprising trends, more and more businesses and retailers are turning to the Internet to increase their online revenues. As a result, online transactions have been on the rise steadily as more and more websites are becoming Ecommerce enabled.

Being Ecommerce enabled means that the sites are accepting credit cards. Unfortunately, online transaction are not without security risks. Fraud can easily take place in the virtual world and cost business owners thousands of dollars.

For example, a transaction can take place online without having to meet up or speak to a customer. Someone can use a stolen credit card and attempt to make a purchase online. Usually, because the credit card is a stolen one, the purchase is one that is of substantial value. The retailer confirms the order, and the product is shipped. Usually, it will be too late for the merchant to recoup the loss when the merchant realizes that fraud has taken place.

It is not just the merchant who takes the hit. When online fraud is rampant, everyone pays a price. As fraud persists, the cost of conducting business online inevitably increases. As a result, this gives rise to rising prices, and part of the cost is passed on to consumers.

BIN Database as a viable security solution

Every credit or debit card has an identification number. Without a BIN database, it is virtually impossible to check whether the card being used (a piece of plastic) is a valid card or not. When the card is swiped at a grocery store, information pertaining to the card is instantly available - the validity of the card and the issuing bank. The transaction is then approved, and the purchase has been completed.

Online transactions works in a similar fashion, except that there is no need to swipe the card. Only the credit (or debit) numbers are required. With a BIN database, applications can be developed to check the validity of the cards instantly. Such applications can reduce the chances of fraud drastically and orders can be confirmed almost instantly.

More and more businesses such as pharmacies and online merchants are turning to BIN credit card checks to reduce operating costs.

BINbase BIN lookup database is a high fraud reduction solution that has been trusted by credit card companies, pharmacies and other business owners.

For more information, please visit http://www.BinBase.com.

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