Are Virtual Credit Card Numbers Safe Today?
Having recently received the credit card bill for a card that has not been activated since I received it several months ago, I was surprised to find charges on the bill. Somehow I managed to use this unactivated card to sign up for a monthly MLM deal, purchase travel from hotwire and a train ticket as well. As I said, this card has been in my wallet with the little sticker to call this number from my home phone to activate it, for over seven months! But the charges didn't start until November. How could this have been prevented?
Throw away credit card numbers can be of some use here but probably wouldn't have prevented the above from happening as somehow someone got my name and actual credit card number. But for online shopping protection using virtual credit cards may be helpful - or they may lead us to a false sense of security. Just because I use a virtual card only once doesn't mean someone can't get the real information to use for their benefit.
Just like using a disposable camera instead of your expensive camera while you are traveling to protect from loss or damage, you can use a virtual card to prevent loss when purchasing online. With a virtual credit card number, the number is discarded after one use.
As credit card fraud is so widespread we are no longer surprised by it which means the card companies are looking for some method to deal with their costs. This means they must do so without inconveniencing the ability of the consumer to make purchases online and in person while at the same time protecting vital information. Many would say that the use of virtual credit cards may well be the solution to the problem.
The use of virtual card numbers for online purchases work the same way as a normal card number except they are only valid for a short time period. These numbers are issued as a short term replacement of the actual card number and are only valid for a short period of time. True card information is not sent to the vendor and these numbers can be single use or they may be used for multiple purchases over a short time period before it is no longer valid.
Protecting the real number from felonious use is the objective with virtual numbers. Should a computer hacker gain access to credit card data from a secure processing center, your account number would be protected. When they attempted to use your virtual number they would be denied credit.
The expectation is that your card number is safe and secure on some sites during the payment process. There is always the possibility that someone working for the online merchant will sell the information to criminals. This as well would be a criminal act but some people are willing to do anything if the price is high enough and there is no easy way to trace it back to them.
The biggest benefit of virtual card numbers is protecting your private information online. The subsequent use of such a number results in denial of credit. If you are used to making several purchases online with your credit card per month then you may see a real benefit from the use of a virtual credit card. This will assure all your transactions are secure and your information is protected.
Throw away credit card numbers can be of some use here but probably wouldn't have prevented the above from happening as somehow someone got my name and actual credit card number. But for online shopping protection using virtual credit cards may be helpful - or they may lead us to a false sense of security. Just because I use a virtual card only once doesn't mean someone can't get the real information to use for their benefit.
Just like using a disposable camera instead of your expensive camera while you are traveling to protect from loss or damage, you can use a virtual card to prevent loss when purchasing online. With a virtual credit card number, the number is discarded after one use.
As credit card fraud is so widespread we are no longer surprised by it which means the card companies are looking for some method to deal with their costs. This means they must do so without inconveniencing the ability of the consumer to make purchases online and in person while at the same time protecting vital information. Many would say that the use of virtual credit cards may well be the solution to the problem.
The use of virtual card numbers for online purchases work the same way as a normal card number except they are only valid for a short time period. These numbers are issued as a short term replacement of the actual card number and are only valid for a short period of time. True card information is not sent to the vendor and these numbers can be single use or they may be used for multiple purchases over a short time period before it is no longer valid.
Protecting the real number from felonious use is the objective with virtual numbers. Should a computer hacker gain access to credit card data from a secure processing center, your account number would be protected. When they attempted to use your virtual number they would be denied credit.
The expectation is that your card number is safe and secure on some sites during the payment process. There is always the possibility that someone working for the online merchant will sell the information to criminals. This as well would be a criminal act but some people are willing to do anything if the price is high enough and there is no easy way to trace it back to them.
The biggest benefit of virtual card numbers is protecting your private information online. The subsequent use of such a number results in denial of credit. If you are used to making several purchases online with your credit card per month then you may see a real benefit from the use of a virtual credit card. This will assure all your transactions are secure and your information is protected.
About the Author:
Author: Kermil J. Fogarth has extensive finance information available at his website. For more credit protection tips.
posted by Debt Consolidation Loan at
1:03 AM
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