As an entrepreneur with a business that is primarily dependent on transactions over the Internet, you may be concerned about possible Internet fraud that can adversely impact your business. Internet fraud is very real in today's economic dealings as many are IT savvy with a lot of innovation and determination to benefit their pockets unethically.

Hence, you would need an anti-fraud solution to safeguard your online transactions that offer high security to your business and customers. This is where a bank identification number comes to play.

Possible Fraud Scenarios

A new web business launched on the Internet requires much publicity to boost the web traffic and your business. On the other hand, you are concerned with identifying authentic and fake customers. If you were to receive a high volume order, you might be worried about its legitimacy. How would you confirm the authenticity of the order and enjoy the favorable business order?
With so many credit card fraud cases today, you are also faced with that risk when you ship out your products. You stand to lose a lot if the credit card is stolen and there is a dispute over the transaction.

Secure System

With such potential high risk in the business world today, it is crucial to put in place the best form of security for your business. This is especially true for web based businesses. Hence, all businesses should consider using the Bank Identification Number which is the first 6 digits of the credit card as a source of security confirmation on all business transactions.
It is one of the best anti-fraud strategies available which is effective to counter Internet fraud.

BIN

The Bank Identification Number (BIN) refers to all types of credit cards' first 6 digits which are known as issuer identification digits. They form a special database which is managed and updated monthly by the banking group American Bankers Association. E-Commerce merchants use this database to confirm the validity of their online transactions.

These BIN digits provide an identification of the issuer bank as well as its country of origin besides confirming the type of card being used in the transaction.

The wide and up-to-date database set up helps you to identify and prevent fraudulent online transactions. There is an online validation execution whenever a credit, debit or prepaid card is swiped through the card machine; it activates the process of cross-checking on the card used for the transaction to confirm or dispel suspicious transactions. If it is a fraudulent card, it will be rejected and the transaction payment will not go through.

Published at seo-marketing.shoppingmallhk.com