By using an API, the BIN list can be queried and the Excel format supports to view the BIN list which has downloaded. This downloaded list is used as the main database. The BIN is nothing but the Banking Identification Number which is used to verify the card. A bank issued debit or credit card will normally have its details stored in the database. For the purpose of verification, this database is used as an element. The card is properly checked against the database information. If the details found in the database is correct, then only there will be an approval of transaction otherwise it will be automatically rejected. The source in the database is an important tool for dealing the transactions in online. If the card gets stolen, you will never come to know without this BIN list until the bank makes you a chargeback.
Avoid the fraudulent activities in card transaction
The original card owner has to file a case against the bank, and then only a charge back will happen. They can also claim for that unauthorized transaction and this transaction is known to be a fraudulent one. The bank should be in the consumer side and whatever the things happen, they have to issue a chargeback and the funds that have to be returned to the owner of the card. The fees of the chargeback have to be borne by the retailer. This is a complicated task and giving a painful experience. For avoiding this, it is important to download the BIN database which extremely stops the fraudulent card. This is available in the Excel format which mainly integrates the database at the back end process in a website.
Function and the role of the BIN list checker
While doing online transactions, the Bank Identification Number is a very important aspect. For the protection of ecommerce business, the BIN list source has to be updated and also it has to be maintained. The online scams also can be avoided due to this. The entries of BIN can be taken from any financial organizations, traders or banking institutions available with the database of BIN. For the bank identification, this BIN is used as the security code. It is available with the numeric code having six digits just like the credit or debit card. The BIN database not only provides the entries but also provide the valuable information of the customer. It is very much essential to update the online transactions of the customer daily. Your company is empowered by a BIN list database. The online transactions validity has to be ensured and to be protected by using this essential business tool. For both the clients and the company, this one is very much important. Any suspicious online transactions can be detected by downloading this BIN list which is considered as the techniques of risk management. The data discrepancy will indicate that there is a fraudulent in the transaction. The card will enable the details of the delivered country. For further validation and also for the verification purpose, the transaction can be very simply flagged by using the list of BIN. Before confirming the transaction, it would have been done.