New Credit Card Fraud Prevention Service Launched With a Largest BIN Database

    NEW YORK, NY, February 16, 2012 /24-7PressRelease/ -- FraudAssets.Com, a BIN database solution provider, is launching one of the largest BIN checker on the Internet. The BIN database can be downloaded in CSV format, or accessed via remote API.

Why is there are need for a BIN database?

Many business owners want to raise their businesses to the next level by going into e-commerce. That is, they want to enable credit and debit card payments on their website in order to increase market share and sales. This sounds like a great idea as the Internet has experienced tremendous growth and a website looks like the perfect platform to boost sales. More and more people are heading online to compare prices and make purchases. The Internet is growing too big for business owners to ignore. However, there are pitfalls that all business owners need to be aware of.

On an eCommerce enabled website, payments can be made via credit or debit cards. All the buyer has to do, is to provide a valid card number, and the sale will be approved. The retailer will then process the order, and send out the products. Unfortunately, not all transactions are valid transactions. Some are actually fraudulent. For example, a customer can use a stolen card number to make a purchase. When that happens, the business loses both the money and merchandise. Here is what happens.

The customer paid with a stolen card. The merchandise is shipped out. But the rightful card owner discovered an authorized transaction and filed for a charge back with the bank. Since it's a fraudulent purchase, the bank will usually honor the charge back and the business will have to refund the money. Pursuing the lost merchandise usually lead to fruitless results.

The best solution, therefore, is to prevent the fraudulent transaction before it can happen. This can be achieved with a BIN database.

BIN database integration

FraudAssets.com offers one of the largest BIN database in the industry. It contains over 350k records. A BIN (short for Bank Identification Numbers) database contains information such as country, bank, card type, and card category. Using such information, online retailers can verify every online transaction in real time.

The database can be downloaded in CSV format. This is a format that most developers are comfortable working with. It can be easily integrated with any eCommerce website. Alternatively, web owners can access the database via remote API. A request is sent to the database. After authentication, the server responds with an XML response. The information may then be used for verification purposes.

"For a BIN database solution to work, the information must be comprehensive, and should include all card types," said a spokes person from FraudAssets.Com. "This is why we ensure that we have one of the largest database in the industry. We also make sure that we include all card types."

The BIN database includes credit, debit, prepaid and gift cards.

For a live demo, please visit the official website: http://www.fraudassets.com.

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