Enlightening Your Perception On Online Transactions
The internet brings so many merits in terms of its unique services. Apart from the communication services, business operations changed with time as the internet became a useful tool for various transactions involving colossal amount of money. Therefore, it calls for care and caution when doing a transaction.
In some cases, people lost their money because they did not know that some people make efforts to abuse the use of internet for wrongful purposes. The following are some highlights with regard to debit and credit cards, prepaid and gift cards, platinum and gold cards among many others:
€ Why take care?
The internet is now full of people out there to take advantage of your little knowledge about the undertakings of the transactions. The good news is that it became a matter of concern as many people lost considerable amount of money to fraudsters, hence, BIN database service providers took the initiative to ensure security in the process of transactions to avert occurrences of these unfortunate situations.
€ Role of the service providers
Just like mentioned earlier, they come in as a third party to ensure that you do not lose money to internet fraudsters. Many lose money through prepaid and gift cards mainly because they perceive little on their differences. Fortunately, the service providers stood up to ensure you understand how the transactions work safely.
With a regular update of the BIN database list, they ensure that you are in a position to verify whether a transaction is genuine or not. The list helps in the identification of the issuer of the cards and facilitates the tracking of any BIN to ensure it is genuine.
€ Number of annual updates
Updating helps keep the information fresh and effective in terms of accuracy. There may be a slight difference on the number of times a company updates its database annually. Most good service providers work on a range of 3 - 5 times in year. In addition, the following is review in the number of updates various service providers per year:
€ BIN2Country - 3 updates
€ BINBase - 6 to 8 updates
€ BINData Set - 4 updates
€ ExtractBINs - 4 updates
€ Fraudassets - 4 updates
€ The relevance of the service
This service is mostly applicable to people who run business that deal with sales of products online. This often implies that they deal with large volume of goods, therefore, to carry out the transactions, the service providers step in to fill them in on every single transaction that occurs with regard to time, place, issuer of card, genuineness and all the records a person may need for verification purposes.
€ Possibility of legal risks
There is little possibility of legal risks because the service providers work in accordance to the legal requirement and policies to ensure safety. They providers get all their information from the public and legal sources. This means that it is hardly possible to use the information and the database for illegal activities.
€ Functions of the database
Different service providers offer various numbers of the functions of a database. A good service provider offers several ways in which the database can perform to enhance safety. Some of the performances include BIN brand matching, bank matching and country matching.
In some cases, people lost their money because they did not know that some people make efforts to abuse the use of internet for wrongful purposes. The following are some highlights with regard to debit and credit cards, prepaid and gift cards, platinum and gold cards among many others:
€ Why take care?
The internet is now full of people out there to take advantage of your little knowledge about the undertakings of the transactions. The good news is that it became a matter of concern as many people lost considerable amount of money to fraudsters, hence, BIN database service providers took the initiative to ensure security in the process of transactions to avert occurrences of these unfortunate situations.
€ Role of the service providers
Just like mentioned earlier, they come in as a third party to ensure that you do not lose money to internet fraudsters. Many lose money through prepaid and gift cards mainly because they perceive little on their differences. Fortunately, the service providers stood up to ensure you understand how the transactions work safely.
With a regular update of the BIN database list, they ensure that you are in a position to verify whether a transaction is genuine or not. The list helps in the identification of the issuer of the cards and facilitates the tracking of any BIN to ensure it is genuine.
€ Number of annual updates
Updating helps keep the information fresh and effective in terms of accuracy. There may be a slight difference on the number of times a company updates its database annually. Most good service providers work on a range of 3 - 5 times in year. In addition, the following is review in the number of updates various service providers per year:
€ BIN2Country - 3 updates
€ BINBase - 6 to 8 updates
€ BINData Set - 4 updates
€ ExtractBINs - 4 updates
€ Fraudassets - 4 updates
€ The relevance of the service
This service is mostly applicable to people who run business that deal with sales of products online. This often implies that they deal with large volume of goods, therefore, to carry out the transactions, the service providers step in to fill them in on every single transaction that occurs with regard to time, place, issuer of card, genuineness and all the records a person may need for verification purposes.
€ Possibility of legal risks
There is little possibility of legal risks because the service providers work in accordance to the legal requirement and policies to ensure safety. They providers get all their information from the public and legal sources. This means that it is hardly possible to use the information and the database for illegal activities.
€ Functions of the database
Different service providers offer various numbers of the functions of a database. A good service provider offers several ways in which the database can perform to enhance safety. Some of the performances include BIN brand matching, bank matching and country matching.
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