The Advantages Of Fraudulent Transaction Detection APIs

Fraudulent transactions can be a significant problem for businesses of all sizes. According to a report by the Association of Certified Fraud Examiners, businesses lose 5% of their revenue to fraud each year. Fortunately, there are tools available to help businesses detect and prevent fraudulent transactions, including Fraudulent Transaction Detection APIs. In this article, we will discuss the advantages of using Fraudulent Transaction Detection APIs. Besides, we will address how they can streamline your business’s payment processing.

This APIs are designed to help businesses identify and prevent fraudulent transactions. They use sophisticated algorithms and machine learning to analyze transaction data and detect patterns that indicate fraudulent activity.

Advantages Of A Fraudulent Transaction Detection API

Real-time monitoring

One of the significant advantages of using Fraudulent Transaction Detection APIs is the ability to monitor transactions in real time. These APIs can quickly detect fraudulent activity and alert businesses before any damage is done. Real-time monitoring helps prevent fraudulent transactions from occurring and minimizes the potential impact of fraud on businesses.

Increased Accuracy

Fraudulent Transaction Detection APIs use advanced algorithms to analyze transaction data, which means they are more accurate than manual detection methods. These APIs can quickly analyze large amounts of data and identify patterns that may be difficult for humans to detect. By using these APIs, businesses can significantly reduce the number of false positives and focus their efforts on real fraud cases.

Cost-Effective

Using APIs can be a cost-effective way for businesses to prevent fraudulent activity. By automating the detection process, businesses can save time and resources that would otherwise be spent on manual detection methods. Additionally, the cost of implementing and maintaining these APIs is often much lower than the cost of dealing with the aftermath of a fraudulent transaction.

Customizable

Fraudulent Transaction Detection APIs are highly customizable, allowing businesses to tailor the detection process to their specific needs. APIs can be configured to analyze specific types of transactions or to look for specific patterns that are unique to a business. This customization helps businesses focus their efforts on the areas where fraud is most likely to occur, reducing the risk of fraudulent activity.

So, APIs are a powerful tool that can help businesses detect and prevent fraudulent activity. They offer real-time monitoring, increased accuracy, cost-effectiveness, and customization. By using these APIs, businesses can streamline their payment processing and focus their efforts on the areas where fraud is most likely to occur.

In summary, Fraudulent Transaction Detection APIs are an essential tool for any business that wants to protect itself from the damaging effects of fraud. By automating the detection process and leveraging advanced algorithms, businesses can reduce the risk of fraudulent activity and minimize the impact of fraud on their operations.

Check Credit Card Validator – BIN Checker API, A High-Quality Fraudulent Transaction Detection API

Credit Card Validator – BIN Checker API is an invaluable tool for businesses looking to detect and prevent fraudulent transactions. With its ability to quickly validate credit card information and check it against a comprehensive database of BIN numbers, this API can help identify suspicious activity before it causes any harm.

By integrating Credit Card Validator – BIN Checker API into your payment processing system, you can automate the fraud detection process and minimize the risk of financial losses. Whether you are a small business or a large corporation, this API can provide the security and peace of mind you need to conduct your transactions with confidence.

So, How Does This Fraudulent Transaction Detection API Work?

To obtain complete data, the customer needs to send the Bank Identification Number (BIN) or the Issuer Identification Number (IIN) of their credit/debit card.

To get the full details of a BIN, which is the first six digits of a credit/debit card, you need to input the BIN into the API. Then it will return the JSON format with the card’s validity. Whether it is VISA or MASTERCARD, the issuing bank, and the card’s issuing location.

For instance, if you use the endpoint with the BIN number “448590,” the API will respond with the following:


{
  "success": true,
  "code": 200,
  "BIN": {
    "valid": true,
    "number": 448590,
    "length": 6,
    "scheme": "VISA",
    "brand": "VISA",
    "type": "CREDIT",
    "level": "PURCHASING WITH FLEET",
    "currency": "USD",
    "issuer": {
      "name": "JPMORGAN CHASE BANK, N.A.",
      "website": "http://www.jpmorganchase.com",
      "phone": "1-212-270-6000"
    },
    "country": {
      "country": "UNITED STATES",
      "numeric": "840",
      "capital": "Washington, D.C.",
      "idd": "1",
      "alpha2": "US",
      "alpha3": "USA",
      "language": "English",
      "language_code": "EN",
      "latitude": 34.05223,
      "longitude": -118.24368
    }
  }
}

How To Start?

1- Navigate to Credit Card Validator – BIN Checker API and click the “START FREE TRIAL” button to begin using the API.
2- You will get a unique API key after registering in Zyla API Hub.
3- Check the BIN number using the API endpoint.
4- When you’ve reached your endpoint, perform the API request by hitting the “run” button and viewing the results on your screen.

Also published on Medium.