Huge numbers of people around the world have become victims of identification theft. Because of this, consumers have become cautious about protecting their personal information, including their credit card numbers. In order to avoid becoming sufferers of identity theft, there is an choice available for you – virtual bank cards for shopping in a virtual globe.
Virtual cards contain a set of numbers to replace your real card numbers. The replacement numbers are used to buy things online. Sometimes, replacement numbers are usually termed “single-use card numbers. inch
At present, credit card companies Discover, Citibank and MBNA offer these services. Discover’s program is called “Deskshop. ” Those of Citibank is called “Virtual Account Quantities. ” MBNA’s protection program is called “SafeShop.
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” Currently, these companies provide the program for free. They simply want to offer you some “peace of thoughts. ” You can just sign up at the card company’s website where you will receive a computer generated, 16-digit number as your replacement numbers.
Virtual cards work much the same as do regular bank cards. However , it has several distinguishing functions.
You can set up your spending restrict using the virtual one because it works like a prepaid card.
There is minimal possibility that your plastic may be used fraudulently because a new number is issued for you every time you use it.
You have the option to set an expiration date supplied it doesn’t go beyond the expiration time of your real one.
Only you, the holder and the issuer get access to the real numbers.
In spite of the convenience offered by virtual cards, they do not arrive without drawbacks. Some of the more common complications associated with these cards are as follows:
They cannot be used for offline dealings.
They have limited use for online purchases since you will be required to display the real credit card to complete certain transactions.
They have relatively short expiration times.
Processing of transactions using the virtual card is slower compared with using the real one.
Virtual cards may be used for transactions where the real credit cards are accepted. These transactions include online shopping, online bills paying, purchasing by mail, and shopping simply by phone. However , you have to remember that you will be required to show the real card when you pick up your orders.
Credit cards are just one of the most vulnerable areas for identity thieves to strike. Thanks to virtual credit cards; they have become a virtual reality where one can have protection and peace of mind whilst enjoying the convenience of online shopping.