Prevent frauds; safeguard against heavy loss with software based security system!

Prevent frauds; safeguard against heavy loss with software based security system!

It is never an easy job to stop people from doing grave mischiefs! Even the police can’t stop that happening since they are always acting after the incidents have happened. Basically, their attitude is reactive and not preventive.

It is difficult for the police and governmental authorities to act fast and be preventive because of their sheer size and volume, but not so for the comparatively smaller sized online retail organizations. For them, being preventive is being wise!

How prevention can protect interest of retailers

By being preventive, the retailers can protect themselves from financial losses in case of frauds involving them. When a fraud occurs, it involves a credit or debit card, for which the customer later gets compensated from the bank once s/he raises a complaint. Now, the bank in turn penalises the retailer involved as per the terms and conditions in the agreement between the two, and hence, makes up for own loss.

How can the retailer escape such a trap, where they have actually done nothing wrong! The only way is being preventive!

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What to do in order to prevent online fraud

When any online transaction occurs on an ecommerce site, there is a provision for parallel check regarding the credit/debit card being used. With the help of the first 6 digits, this can be verified by systems like bin checker as the transaction progresses. This software based verification system actually tallies the available data and history regarding the concerned card. Any suspicious history or activity that can be sensed or tracked by the software is immediately reported to the concerned bank.

Once the bank is alarmed, it becomes the duty of the bank to check the fraud. Even if it cannot be prevented, the retailer can no more be legally penalised as they have done their duty of blowing the whistle.

However, this is not an escape mechanism for the retailers but a legal and technologically helped way to safeguard the interests of the customer, the bank as well as self.

How to ensure availability of latest bit of information

The database with bin checker is regularly updated by its makers. A retailer using the same gets regular updates on the system or server so that any time an online transaction happens the verification of the card used is against its latest history.  This prevents any gap in information that can lead to faulty verification.

The regular update is not only the unique feature of this software based security system; it is in fact a tedious job that is impossible for individual retailers to do. It requires syncing the pool of data across all of the banks and financial institutions that exist in the country, which can’t be done unless somebody like www.binlistcheck.com, the makers, are wholly dedicated in achieving the same. The sharing of these sensitive information calls for a lot of legal protection as well as cyber safety, and only a dedicated team of people with a specific intent can achieve this to a practically significant level.

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