People who make purchases from online famous websites like EBay and Amazon; they feel comfortable that their credit card numbers will not be misused by online merchants. In case purchases are made from any unknown or non-reliable online merchants, it is never sure that how safe your personal card information is. An online merchant has all information about your card including your card number, security code, billing address and expiration date. In this case, it is just courtesy of an online merchant that your personal information is not misused otherwise you have no other surety. In case your personal information is misused mistakenly by online merchant and reversal is expected in coming few days, still you have to stop all your financial operations until your funds are reversed. Till that time, you are unable to make any further purchases. The best option to make online purchases is to get virtual credit card number. It makes safe for you to make online purchases even from a non-reliable merchant.
Virtual credit card number is card number generated for the purpose of online purchases and is associated with actual number of a card holder. Card holder can decide the expiry date of virtual card number up to completion of one year of virtual card number issuance. The charges of transactions are mentioned on regular bill of card holder and merchant has no information about actual card number. Hence the risk of misuse of card lowers down. To get virtual card number, Bank of America prescribes shop safe service to Master card holders. Shop safe service let the card holder set a credit limit for online purchase and also let him configure the card’s expiry date.
Various banking networks which even provided virtual card services in past, have stopped this service now. Only Visa and Master card holders can enjoy this service now. Private payment service is offered by American express for four year but it also came to an end till 2004. PayPal also initially offered this service but afterwards it ended in 2010.
MaskMe is a service offered by Boston Based Abine. This service creates disposable email addresses for online purchases and transactions. It charges just $5 to upgrade the offer to premium package. Another service Shop Shield offers business oriented passwords. These two services can offer you disposable email addresses and passwords plus virtual credit card numbers to use just for online transactions. This way you can make secure online purchase transactions without risk of getting abused in regard of your card confidential information.
There are several downsides of virtual credit cards as well. This type of card is only permissible for online transactions. In case you need to swipe a physical credit card, you have no option to use virtual card number. Despite of several downsides, virtual card numbers is a best option for online purchasing. It avoids the risk of misuse of one’s credit card confidential information and saves you from any related loss.
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