Credit Card Fraud Investigation

Credit Card Fraud Investigation

Security John Doe·Mar 14, 2020

As an e-commerce online company, the last thing you want to think about is credit card fraud affecting your sales and business. Unfortunately, the number of online fraud is staggering. As an online company, you're not making eye contact with your customers and evaluating their purchases up front. You're not able to access their body language or if they seem suspicious. You simply receive a sale purchase and complete the transaction by shipping the merchandise. But did you ever think about how they paid for that item and what address it's going to? Did you ever think that you could lose hundreds to thousands of dollars in lost merchandise and added fees? That's the reality with credit card fraud and the investigations that follow.

How does credit card fraud impact online business?

CNP or what is considered "Card Not Present" means that consumers can input their card number via online websites. People are decreasing their time spent in "brick and mortar" stores to purchase items. They are relying on e-commerce stores to avoid long lines and hassle. Especially during the holiday shopping season. Unfortunately, this increase in hassle-free shopping also means more identity and credit card fraud investigations. According to, the number of "Card Not Present" fraud went from 3.1 billion in 2015 to 6.1 billion in 2018. That's double and the number will continue to increase even with the use of chips. Chips are what is commonly seen on credit cards to protect the consumer from losing money due to fraud. They are protected under the umbrella of their issuing card company such as Visa, MasterCard, Discover, American Express, etc.

If you created your e-commerce a day or even years ago it is important that you protect yourself from this increasing threat to your financial revenue. Your online company may be at risk of this breach, but the good news is there are ways to ensure your online store makes revenue safely and securely with Bin Check.

Bin Check was created with you in mind. Safety is our number one priority and prevention is your key step in making sure your company is not another fraud statistic. It is entirely free to use with an easy to utilize database system called our BIN Checker tool.

How it works:

All credit cards have a BIN, which stands for Bank Identification Number created by the American National Standards Institute and the International Organization for Standardization to identify institutions that issue bank cards. Credit cards such as Visa, MasterCard, Discover, and American Express can all be identified by their BIN. It verifies the consumers first 6 digits of their card number, which will flag if the account is valid and if there are appropriate funds on the card. That is what determines whether a card will be approved or denied. It will also detect if the card belongs to the country of origin or being used for identity fraud purposes. The only way to ensure validity is to stay ahead of this rising issue with prevention.

Why use Bin Check services:

1. Time spent in prevention will save you time spent dealing with a fraud investigation. As a new online business owner, it can be overwhelming, time-consuming, and frustrating having to deal with authorities and the victims of identity theft. It will take time to handle the issue and it can cost you in the long run. The time you could have spent packing merchandise, shipping, and increasing customer engagement will be affected by this one incident.

2. You avoid fees from credit card companies because you will have to return the money to the issuing credit card company. Returns mean added fees and a decrease in profits. Everything revolves around fees and having to return money to the victim's account is one of them.

3. Our service is free so there is no cost to you to use it. There are no memberships and no hidden fees, which means you have full access to our amazing service without worrying about financial obligations.

4. Simple and user-friendly database. All you have to do is enter the 6 digits BIN and get the results.

5. Your products will go to the right hands, not the wrong ones. It's not easy marketing, building customers, and distributing merchandise. It's even harder when you realize you lost money and sometimes hundreds of dollars due to the fraud. For example, if someone buys from your website 10 pairs of shirts, 20 pairs of pants, and maybe some jewelry. It's a great day for your business and professional esteem. The amount may be more than $300 depending on your price range. Imagine all of that going into the wrong hands for free. Your company is instantly in the red for $300 worth of products that you will never get back.

Ways to protect your business from identity fraud and future investigations:

1. Use the BIN Checker tool and prevent fraudulent purchases.

2. Check the order size and make sure it makes sense to you. Did they purchase multiples of an item that seems abnormal?

3. Compare the credit card BIN with the customer IP address he logged to your website from and when the customer placed the order using Check BIN / IP Address tool, Are the BIN and IP address from the same country?

4. Are multiple cards being used from various addresses and one shipping address? This can be a red flag and common with fraudulent purchases. Input the different cards into the Bin Checker tool and make sure they are legitimately being used.

5. They are ordering all day from your site. Consumers may forget to buy one item and go back to your site to purchase it. But that's a rare instance. Not many are logging back into your site to make additional large purchases. They may have realized that their plan worked and want to abuse your website. This will cost you wasted time, energy, and profit.

As a new business owner, it is your duty to protect your profit margin, customers, and growth. It's your responsibility to make sure everyone is having a great shopping experience with five-star ratings. We know how hard it is to balance it all and that's why we created Bin Check. We want to take the stress away and give you peace of mind.

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