One concern that numerous shoppers always have is that their credit card numbers will be stolen and used by the hackers and fraudsters. Well, the world has gone digital, which is a great development; but it also gives hackers a chance to steal your vital credit card information.
Whenever you make use of your credit card to purchase items remotely, whether online or using your telephone, there is an added element of fear related to the chance of having your number stolen.
If you want to diminish the chances of somebody stealing your identity, it’s quite possible by generating a one time use credit card number, which can’t be used by hackers — even if they get a hold of it.
Conventional credit card payment is not secure at all as semi-secret credit card numbers are over and over again used. That is why one time credit card payment has been of late proposed to improve the security in credit card payment.
One can use one time credit card payment as an alternative to your real card details when shopping online, to help avert credit card fraud and identity theft.
What is one time use credit card number?
The one time use credit card number is generated by issuers and connected to your account. When you make a payment, you just need to enter it, as you would do with any other type of credit card number, and you are able to complete the purchase. As the number has been used once, it becomes unusable going ahead. In case, somebody else gets a hold of your one-time use credit card number and tries to make an illegal purchase, it will be declined.
The best thing is – you make your purchase, and no one gets to know your true credit card account number.
Things you need to know about onetime credit card payment:
- Protect your vital card information: It improves your overall card security, as in case hackers steal your virtual credit card, it will not compromise your real account.
- Only for phone and online purchases: These cards, which come with one-time use credit card number, can be used online or on the phone, but not for in-store purchases.
- Maybe merchant-specific: A virtual number may be limited to transactions with a solitary merchant.
- Different card details: Your virtual card will have a different security code, account number, and expiration date.
- Purchases show up as regular: Any purchases that you make will show up in your account as they usually would.
A quick glance at the benefits of one-time use credit card number:
- Additional layer of security
- Even if the data is stolen, there is no need to get a new physical card
- Easy and Convenient method of payment
- Create and manage multiple virtual numbers with ease
- A few virtual account numbers can also be used with some digital wallets
- One time use credit card number could be an intelligent move if you’re making purchases from a website that you think is shady or unsecured.
The two main purposes for using one time use credit card number are security and convenience. Instead of providing merchants with your actual credit card details, you will just expose your one time use credit card number. The one time credit card payment doesn’t give you anything out of the ordinary, but it does provide you with a bit like the first line of defense as you can easily replace this card. Hackers will get you’re the one-time details instead of your actual credit card details.