Tuesday, March 28, 2006

Identity Theft Fraud Prevention Using Virtual Card Numbers

Identity-Theft-Fraud-Prevention-Using-Virtual-Card-Numbers-audio post - click to play

With all of the fear that sometimes gets associated
with on-line shopping and computer hackers ability to
steal your credit card number, here's a way to gain
added assurance for conducting transactions safely
via the internet.

With a select group of credit card providers, you
have the ability to substitute your actual account
number with a "virtual" one. The virtual account
number is randomly generated which makes it highly
improbable (if not impossible) for an identity
thief to steal your physical account number should
they hack into a computer database containing your
card purchase information on file.


Here's how it works.

When shopping on-line you would insert your virtual
account number into the merchant's order form and
complete your purchase. The only difference would
be that your virtual account number, generated
previously in a 1-click process with your bank,
would be used instead of the one physically
embossed on your credit card.


The eCommerce transaction would process normally
and every time that you want to purchase on-line,
you would simply generate another completely
random number for input into the transaction form.

Depending on your bank/credit card provider you may
have a couple of options for how you can issue the
virtual numbers such as by:

  1. Dollar Limit
  2. Time and Dollar Limit

Even though you've provided the on-line merchant
a virtual number, you can still track purchases
and activity on it when you access your account
on-line or when viewing your regular monthly
statement.

Plus, as an added measure of security, the virtual
numbers you issue to each merchant will
automatically
expire in the following month
and can only be used by that individual merchant.

If a thief attempts to use that same number
elsewhere
it will cause your credit card
company to automatically
decline the
transaction
.

Please note an exception, there is an option for
you to designate re-occurring, instead of a 1 time,
payments to an on-line merchant such as your phone
or internet service bills.

So, our tip for today is to keep control over your
credit card account information when shopping
on-online. Enroll with your credit card provider's
virtual account number service where available.

It's a safe, simple, & free way to add to your
protection against identity theft & credit fraud.

4 Comments:

At 5:05 AM, Anonymous Anonymous said...

EntroPay provides the UK’s leading prepaid virtual VISA card that can be used for easier and safer purchases online. EntroPay was developed to allow Internet shoppers the ability to purchase goods and services with a ‘virtual’ prepaid visa card safe in the knowledge that their own actual personal plastic credit card details remain hidden and secure

 
At 10:03 AM, Anonymous Anonymous said...

Entropay is a scam be careful. Once your account gets put into dormant mode, there is no way to reinstate it again and your money is lost. If you use it, use it only temporary and for small amounts.

 
At 3:13 AM, Anonymous Plastic Card said...

Hi,

I appriciate the skills of your blog writing and the time sharing with us.
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
I am just planning to start practice but before that I am going tce.

 
At 2:44 AM, Anonymous shredding San Antonio said...

People who use credit cards are certainly at higher risk of becoming victims to fraud than those who are not. However, everyone should still practice preventive measures especially when doing transactions that involve the divulgence of personal information. May this post be of great help for others. Thank you for sharing.

 

Post a Comment

Links to this post:

Create a Link

<< Home