Prepaid Card Frauds

By Author: Angel Carrasco
Total Articles: 2
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Who in today's world doesn't use internet? Everyone loves to play with the WWW and does it with a sense of pride. And those who do not know how to use it are rapidly catching up as fast as they can. Internet has grown by leaps and bounds and its usage has escalated beyond imagination. It is today considered the best medium to do perhaps anything. Whether you want to get some valuable information, buy something online or simply wanna chat, internet is the playful medium for one and all. It is the most preferred way of doing transactions; with all the plastic money people have got around with them. But all play is not fair and in the case of online transactions, credit, prepaid card and similar such frauds are a spoiler.

With the increasing use of credit, debit or such cards, online frauds have also seen an alarming increase. Same is the case with prepaid cards. A prepaid card is a gift-card that is preloaded with a particular cash amount by the customer. Even such prepaid cards have suffered frauds and the alarming increase in such frauds has made it critical for many online businesses to identify and screen out ...
... transactions from prepaid cards as well. Online card frauds are one such thing that has caused tremendous harm to credit card and prepaid card users that use their cards online and get caught unawares. There are some useful measures worked upon to counter online frauds, one such handy tool is the credit card BIN & BIN Database. BIN stands for Bank Identification Number. The BIN is the first 6 numbers of a credit, debit, prepaid or a gift-card number and it helps in checking credit card transaction frauds. The BIN number gives a handful of very useful information such as the respective bank that issues the card up to the transaction or validation period. A BIN system can successfully correlate customers with the purchases and thus helps keep a database in case of future use or use during frauds.

But in order to derive up-to-date information with the use of credit card bin when needed, the BIN database should be constantly and regularly updated. Bank Identification Number credit card BIN database contains well over 260,000 plus records which are regularly updated, helps locate the country from which the bank issued the card, checks funding types of card like VISA, MasterCard or others as well determines the sub-type of card like Electron, Classic etc. Moreover reducing charge backs can also with the help of BIN can greatly reduce the menace of credit card frauds, can protect small website owners that regularly do online transactions as well as can thwart future online frauds.

Bank identification number reference for Fraud Prevention and Reduce Chargebacks.Search bank identification numbers in online bin database.