Frauds and banking goes hand in hand since the birth of the organised financial systems. The dishonest but clever people spare no chance of making easy and quick money using fraudulent practices that the banks often fail to catch or even if they do so, it is much later when nothing substantial can be done to rectify the loss.
The online systems have however made it easier and faster to catch the happening frauds. But often, due to no clue from beforehand, a fraud can be identified only after it has occurred, and further investigations also reveal only the machines that can be identified and not persons in the maximum of cases.
Who suffers the losses?
Generally when a fraud is reported, the banks compensate the complainant immediately in order to avoid further hassles of consumer courts and legal battles. Rather, they then pursue the ecommerce websites or vendors because of whom the loss has occurred. As per certain pre-determined terms and conditions, the vendor has to take the required measures for avoiding such frauds, and in case of failure to do so, it has to be compensated by them only.
The prevention from frauds is therefore more important for the vendors rather than the users or even the banks. It is the vendor who suffers from the profit margin in such cases than the others. And as reported, every one in ten transactions are fraudulent, thereby keeping a 10% risk of curbing the profit made.
Steps taken to prevent frauds
With online mechanism, it is faster to identify a fraud and act. But yet, in most cases, it all happens only after everything is over. Very rarely can a fraudulent transaction be caught at its onset and curbed, which is ideally the best practice as it should be.
In order to do this, one needs to have a checklist that can give a clue about a card being used and its authenticity. The bin checker from www.binlistcheck.com has come up with the most accurate checklist that provides the required information regarding any card. It uses the first 6 digits of a card being used to identify and check the transaction history so that in case of earlier frauds, it can be immediately informed to the vendor, the corresponding bank and the security systems for action. In that way, the vendor is pretty much safe as they can never be blamed for the fraud and inaction, followed by penalty from the bank.
How to use bin checker
It is an easy software database that has been created specifically with the vendors in mind. It is regularly updated from the banks so that the history of any card suspected can be fetched by the system in no time. With bin checker, you are absolutely safe from frauds and related penalties.
Just get the software at nominal price from www.binlistcheck.com and tie up with them for regular updates. This makes you proof against all sorts of online frauds, bringing down the possibility to less than 1%.