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| Can Virtual Credit Card Numbers Save Your Credit? |
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| Written by Kermil J. Fogarth |
| Wednesday, 18 February 2009 11:12 |
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I just received my the credit card bill for a credit card I haven't even activated since receiving it several months ago. It appears I have signed up for some monthly MLM deal as well as purchasing a train ticket in Washington DC. Oh, and I also bought something from hotwire.com. Now, as I say, the card has been in my wallet since I received it seven months ago and still has the little sticker on it telling me to call and activate it from my home phone. The charges only started in November. Could this have been prevented? Throw away card numbers - virtual card numbers - can be of some use when shopping online but I doubt they would have prevented what happened to me. In my case, the thief had somehow determined my name and correct card information. If you want to use virtual card numbers for online shopping protection that is fine, just don't be lulled into a false sense of security. They wouldn't have protected me since I wasn't even using the card to make physical purchases. 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. While virtual cards are used to purchase online in the same manner regular cards are, they are temporary numbers. These numbers are issued as a short term replacement of you true card number for purchases. Your personal information is not transmitted to the vendor and often they are single use numbers and a new number must be generated for subsequent transactions. There are other cases where a virtual number can be used for multiple purchases over a limited time period before it cancels. Virtual card numbers are intended to hide the real number from those who wish to use your information for their purposes and possibly damaging your credit. Should a secure processing center be hacked by someone wanting credit card information, your use of a virtual number would render your account safe. If they used your virtual number the result would be a denial of credit. You expect that your card information is safe and secure at secure sites during your purchase. There is however the possibility that an employee of an online merchant could sell credit card information to criminals. While this in itself is a criminal act some people are willing to do anything if the payoff is high enough and there is little chance of them being caught. 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. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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