My credit card company is offering a new and free security feature: virtual account numbers.
The idea behind virtual account numbers is they are used only at one online store. Thus if the number is stolen it is useless anywhere else. Some virtual account number issuers have a time limit can be set so the virtual account number expires (of course not past the card’s expiration date). Also another nice feature is a dollar limit can be set.
The process is pretty painless:
1. Logon to your virtual number account
2. Generate the disguised number
3. Use it at the specified merchant
Another way of generating an account number is using a tool which can be downloaded. The tool would have to communicate with the bank over Internet to send its generated number…hopefully this transaction is highly encrypted.
Transactions appear on your regular credit card statement.
Overall, the process is pretty easy and offers another way to mitigate stolen credit card numbers.
Doug
