7 Benefits Of Virtual Credit Cards
Virtual credit cards (VCCs) provide secure online transactions by generating unique numbers for each purchase, protecting against fraud. They are temporary, easy to set up, and often free
With the continuous rise in online fraud cases across the country, cybercriminals are constantly finding new methods to steal money from people’s bank accounts or credit cards. From digital traps to trading scams, everyday individuals fall prey to these cyber criminals. To avoid credit card fraud, virtual credit cards (VCCs) offer a highly secure and convenient alternative for digital transactions.
What Is A Virtual Credit Card?
related stories
A virtual credit card is a temporary, digital version of your physical credit card, provided by your bank or financial institution. These cards are typically used for online transactions and are designed to provide an extra layer of security by generating a unique number for each purchase. This ensures that your actual credit card details remain hidden, reducing the risk of fraud.
Virtual cards are temporary, becoming useless after a fixed number of transactions, making it harder for fraudsters to reuse them in any subsequent purchases.
These cards are easy to set up via your credit card provider’s app or website, allowing you to generate a new number instantly for quick online purchases.
7 Benefits Of Using Virtual Credit Cards
- Safe Online Shopping: Virtual credit cards are secure for online shopping as they use temporary card details, keeping you safe from fraudulent websites.
- Responsible Spending: You can set limits on spending and usage, encouraging more responsible spending and avoiding large bills at the end of the billing cycle.
- Protection Against Insurance Payment Fraud: Insurance companies utilise VCCs to prevent payment fraud, ensuring secure and quicker claim disbursement.
- Low or No Fees: Many banks offer virtual cards at no cost, allowing you to obtain a virtual credit card without impacting your finances.
- Low Risk of Fraud and Data Theft: Virtual credit cards generate unique card numbers for each transaction, significantly reducing the risk of fraud and data theft. Limited or single-use prevents unauthorised reuse.
- Protection Against Data Breach: Virtual credit cards do not share actual card details during transactions. Even if scammers access a merchant’s database, your information remains protected.
- Digital Wallet Integration: Virtual credit cards are integrated with digital wallets, making payments more convenient.
- Location :
- First Published: