Improve Your Fraud Protection Strategy

The level of credit card fraud is constantly increasing. It is one of the reasons of EMV standard adoption in the USA, but it will help to decrease the level of card fraud for card present transactions and what about card not-present transactions? Merchants need to develop the effective fraud protection strategy in order to prevent money losses caused by chargebacks.

There are a lot of fraud protection tools and mechanisms which are currently utilized by merchants and payment processing companies. The majority of them are based on the geo-location principles, IP-address filtering, and cardholder data verification. But you can add some other filtering mechanisms based on the information obtained from credit card BIN files.

The following details can be got from BIN files:

• the max PAN length;
• the name of the issuing bank and its location;
• card type (credit, debit, gift, pre-paid, etc.) and PIN capability;
• the networks this card can be processed through
• information on card’s usage for healthcare transactions;
• card class (purchase card, business card, consumer card, personal card, etc).

Do you want to see a payment processing system which uses additional fraud protection mechanisms based on the analysis of the information from credit card BIN files? Consider UniPay Payment Management Platform.

More information about credit card BIN files is available in the respective article at #Paylosophy (read the article).