The technology we use for payments has advanced rapidly over the years. One innovation that has really taken off is the use of virtual cards. These digital versions of debit or credit cards provide an extra layer of security for your identity and transactions. Read on to understand how they work and the protection they offer.
What is a virtual card?
A virtual card is a randomly generated temporary card number and security code linked to your real account. Each time you use a virtual card for an online payment, the number changes. So the merchant never sees your real card details.
Through an app on your computer or mobile device, your bank or a third-party service generates the card. So you don’t receive an actual physical card—it only exists digitally. Consider using Getsby Virtual Card, for personal use, as an option for digital transactions.
Protecting Your Real Account Number
Virtual cards conceal your real card number, protecting this sensitive information from fraud. Your account details aren’t exposed when making routine purchases online.
So if a virtual card does get compromised or the retailer suffers a data breach, your identity and actual account remain secure. The one-time card shields your real credentials.
Preventing Unauthorized Charges
Another advantage of virtual cards is better control over purchases and charges.
With a virtual card, you can set spending limits for individual transactions. For example, you might create a card to pay a monthly gym membership of £50 and restrict charges to that amount. Any transaction over the limit would be declined.
And if criminals do obtain the temporary card number somehow, they can only charge small, pre-approved purchases. It restricts the total risk and damages.
Using virtual cards also facilitates monitoring activity. You can view transaction histories to catch unauthorized charges quickly by spotting purchases you don’t recognize. They provide clarity into your spending footprint across merchants.
Enhancing Online Shopping Protection
We do so much shopping online these days for everything from clothes and gifts to groceries and furniture. Virtual cards add a layer of protection from online fraud that debit and credit cards alone don’t provide.
Because the merchant never gains access to the details of your actual payment card or bank account, you avoid exposing your personal or financial data. It reduces the risk compromised by online data breaches.
Also, if you want to dispute any charges, it’s simpler to do so. Having a distinct virtual card number used for each retailer provides helpful transaction records. You can easily reference the related card number used to quicker identify the source.
Is a virtual card right for you?
Virtual card technology provides an answer to increasing identity theft and online fraud. The main benefits over traditional credit and debit cards include:
- Concealing your real card number and account credentials
- Restricting unauthorized access to your funds
- Limiting total spend amounts per transaction
- Monitoring purchasing activity for fast fraud detection
- Protecting your information during online checkout
If you regularly shop online across many sites or with smaller and lesser-known retailers, virtual cards deserve consideration. They provide unique protection by concealing your identity and limiting financial exposure.
And as online fraud and cyber threats only intensify, virtual payment technologies will become more prominent. Embracing innovative solutions like virtual cards helps strengthen your defences.