(PRWEB) March 31, 2009
BINbase.com announces the launch of major database updates, designed to better support their merchant customers.
The major update, BIN database v 2.0, now contains 70739 records for Visa (incl. Prepaid/Gift) - 35185, MasterCard - 21590, and Amex - 1100. The price of BIN Database v 2.0 Single License is $499US for companies/organizations only.
BINbase.com provides solutions to help merchants minimize loss due to credit card fraud or to law enforcement agencies in need of Bank Identification Number (BIN) information. The BIN numbers refer to the first six digits on the front of a credit card, which are used to identify the party who issues the user the card.
The information contained within the BIN numbers can be used by merchants who are looking to reduce or mitigate credit card fraud. The BIN database allows member merchants to cross check the credit card information given to them to ensure that the card has been authorized for use. Merchants can also verify that the credit cards presented to them have been issued by a reputable credit card company.
A variety of information regarding the credit cards used within a merchant's establishment can be verified when using a BIN database. The user's billing address, the country of the issuing bank and other helpful information which can be used to verify the credit card can be reviewed by the merchant before approving a credit card transaction. And, if the BIN cannot be verified within the database, the merchant can opt to decline the transaction in order to avoid fraudulent activity within their establishment.
Another common reason that merchants use the BIN database is to determine which type of card a customer is using - prepaid, credit card, debit card. A high percentage of fraud is committed by customers using a prepaid credit card to pay for their transaction. So, by viewing or understanding this type of information, merchants can proactively work to reduce the level of fraud and overall loss they experience.
BINbase.com provides information about all major credit cards issued worldwide to their member customers. With their new database update, BINbase.com currently provides over 70,000 BIN's for their members to review.
For more information about the products and services offered by BINbase.com, visit http://www.BINbase.com.