The use of list of issuer identification numbers helps protect online businesses from fraud
If you run a business, improving the profitability of your business is probably something that is important to you. Have you ever thought of reducing fraud instead, which will in turn improve your profitability? Fraud can really affect a business' profits and it steals thousands of dollars away from businesses every single year. Instead of struggling with these losses, why not do something to make your business more protected? Often times, businesses that sell things online, or even face-to-face businesses will get ripped off by credit card fraud. Using an issuer identification number, you can help protect yourself and your business against fraud, so that you will no longer be stolen from.
What is an issuer identification number?
An issuer identification number, which is also known as an IIN is what is referred to as the first six digits on the back of a credit card or debit card. These numbers can tell you a lot about where the card came from, who issued the card, what country it is from, the type of card that it is, and what brand of the card is. The issuer identification number is important against fraud because these unique numbers are different for every card and it can tell you a lot about where it came from and who it might belong to. It's an important way to track down fraudulent purchases and by disclosing that you use this technology to track down fraud, you can substantially reduce the number of fraud attempts that you have on your business.
Banks aren't the only institutions that use list of issuer identification numbers, any other companies that specialize in providing cards generally use this as well. For instance, gift cards, savings cards, and other types of cards probably implement the same technology.
In order to learn where the card came from and what the specific details can tell you about the card and the person who owns it, you need to use an issuer identification number search tool. This tool allows you to search the number in a database where it will track down all of the cards that have ever been issued by banks. This allows you to see which bank issued the card and learn what the other numbers on the issuer identification numbers say about it.
After you have purchased a issuer identification number database and you are ready to start searching numbers inside the database, you need to develop a plan for how you are going to use the database. For instance, are you going to search the issuer identification number on the card, to see if the billing address or delivery addresses are in the same country where the card was originally given? If it's not, then this could be an immediate red flag and it could be what gives the criminal away. There are other ways to use an issuer identification card as well. For instance, a lot of prepaid credit cards that are used today are used for fraudulent activity because there is no real paper trail to purchase the car and where it came from. If a customer is using a prepaid credit card, then you should be on the alert. There should be lots of information that they have to enter in, in order to complete the process.
A gift card is another red flag, but gift cards are normally created within your business, so you should have some type of issuer identification number so that you can check your database to see if this card has been given out before and how much money is on it. Spotting fake gift cards is important, it can save your business a lot of money. If you find a gift card that is from some type of random bank account, you can look online to see if the bank does in fact exist and if it does not, you can deny the customer.
More and more businesses invest in Issuer Identification Number databases to protect their online transactions from credit card fraud. The Issuer identification numbers can prevent fraud dramatically, simply checking your database and making sure that the card does not throw any red flags is a huge benefit by your side.