Nowadays, in this electronic age, loads of transactions are carried out online, by means of the Internet, which in fact creates a huge risk of becoming a victim of fake transactions. It is very important to use effectual defensive measures to ascertain a secure online transaction. One presently accessible effectual measure is using the Binbase or the bank identification number database, which features on all credit cards.
By means of the binbase database, you can immediately find out whether a particular credit card is in fake or not. So, what exactly the IIN or Binbase is? As a matter of fact, the Binbase means the bank identification number database while the IIN stands for the issuer identification number. Usually, the first six numbers of your credit card is referred to as the BIN. These numbers allow the binbase checker to find out which issuer has issued a particular credit card.
Binbase database is an innovative system, which traces and records each and every debit and credit card purchases, by means of a networking structure. Increasingly, companies and merchants are making use of this system on a daily basis. The Binbase has turned out to be extremely popular among merchants, who trade their products online. Frequently online merchants are losing considerable amount of money owing to fraudulent online debit and credit card purchases.
Why online merchants find it difficult to put an end to debit and credit card scams? The answer is very simply.
It is only because a lot of online merchants unfortunately don't utilize the Binbase. When online merchants don't make use of the binbase software, they are in fact taking a huge risk by authorizing a credit card. This is almost like a gamble, since by not taking advantage of the Binbase, the online merchants are not being able to be completely sure that the credit card, which they are accepting is a genuine one or not.
In case the credit card fails to get authorization, then the online merchant will have to bear losses. The card might have been reported stolen or lost by the card owner or the card has been immobilized by the bank, which issued it. The Binbase is capable of making contact with the card issuer's system, by means of networking to find the real status of the card. This gives the issuer the option to either decline or accept the card.
The binbase bank can retrieve information about the issuer as well as the cardholder. This enables the merchant to make out whether a card used for buying a product is genuine or not. Thus, Binbase is vital since it saves a significant amount of time and money of the merchant.
Insurance companies, nowadays, are making use of the Binbase system as a quicker and more precise means to detect the client with matching insurance data. Thus, this shows that Binbase database is extremely crucial for the businesses, consumer as well as the merchant. Being capable of running a Binbase lookup is necessary and it enables you to find out where and what the debit or credit card is all about.