For Immediate Release
LEWES, Del./EWORLDWIRE/Oct. 20, 2011 --- Financial institutions, banks and payment providers increasingly concerned about credit card and gift card fraud can utilize an added layer of prevention through BinDB software and comprehensive data about banks around the world.
Either through a one-time purchase or through using the BinDB software,... With growing numbers of online buyers, a solution for comprehensive fraud protection extends to additional data checks using BinDB.
For Immediate Release
LEWES, Del./EWORLDWIRE/Oct. 20, 2011 --- Financial institutions, banks and payment providers increasingly concerned about credit card and gift card fraud can utilize an added layer of prevention through BinDB software and comprehensive data about banks around the world.
Either through a one-time purchase or through using the BinDB software, companies that process electronic transactions and review the credit card data they are processing gain an added measure of confidence that the purchases being made from them are legitimate. By comparing customers' details against information contained in a regularly updated database of over 260,000 bank identification number (BIN) / issuer identification numbers (IIN) records from over 17,000 banks, processors can see real information about where credit cards and gift cards originated from and where buyers are claiming to be from, to make a more educated decision about whether purchases are valid ones.
BinDB has collected information in compiling its data from authoritative and recognized sources not generally available to the public. The data is updated regularly, to provide users with the most up-to-date details available.
According to founder Mark Anderson, "Further checking data provided to make purchases beyond simple payment processing before transactions are completed means processors and merchants are in a better position to make an educated decision about a specific transaction and to reduce chargebacks by ensuring an additional, higher level of review."
The data provided by BinDB includes a conversion of the first six digits of credit cards, known collectively as the BIN, into meaningful details such as the brand of the credit card, the name of the issuing institution, the type of card, the category of credit card, the country the issuing institution is located in, and the institution’s website and its phone number. The information extends beyond U.S. banks to encompass European financial institutions.
"What makes our data so much more valuable to users is the level of detail, which now includes the issuing bank's name and address," added Anderson. "BinDB makes validating a card holder and issuing institution before approving a transaction easier and, by reducing fraudulent charges and chargebacks, business risk to merchants is significantly reduced."
BinDB.com offers both a Web-based product and a downloadable version for Bin Database. The online portals can be accessed from anywhere and allows daily updates to the Bin Database institution records information.
For more information and to preview sample data for Bin Database, visit http://www.bindb.com.
Read more http://baypaynewsfraud.blogspot.com/2011/10/credit-card-fraud-and-chargebacks.html