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Virtual Credit Cards to guard against fraud

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THERE have been a lot of frauds that have taken place online and this leads to a situation where the credit card details of a user get compromised. In order to tackle this situation there is availability of virtual credit cards, which helps to prevent the misuse of the details in a transaction. The user needs to be aware of all the finer points of how it works so in order to make the most out of the situation. Here is a look at how virtual credit cards can be handled effectively.

Usage and nature:

The virtual credit card is meant for usage while shopping or making expenses and paying via internet. The presence of a lot of hackers and their efforts to steal the data of the individual credit card user is behind the effort by banks to provide an alternative to the user so that their credit card details are protected.

The nature of such type of cards is that when an individual wants to make an expense on the net they can go to the bank's website, which will issue a temporary or virtual credit card number and other details to the customer. This can be used to make expenses till a specific amount and at the end of the transaction the details that are generated for the virtual card have to be given.

The safety element comes into the picture due to the fact that the numbers expire after the first usage, so there is no value on them. In case if they are hacked there is nothing that can be done with them. It also ensures that the original numbers of the user are safe and hence protected.

Effort for protection:

 

One of the crucial aspects of the entire effort in the virtual credit card is that every time there has to be an expense made online then the process would have to be undertaken.

This would first involve the user going to the website where the credit card is present and then generating the virtual credit card details.

This would then have a specific limit attached to it and beyond which an expense cannot be made.

Hence, this limit to the usage for the card once the initial details about the amount are given reduces the flexibility on that front. The entire process requires some special effort on the part of the individual and needs to be ready for this as it is meant for their protection.

Variety:

There are a lot of variations that are visible when it comes to the virtual credit card. First thing to remember is that there is a specific time period for which this is valid.

Once the details are generated and if there is no use within that specified time then the details would expire.

Another thing is that it can be generated for debit card users too. In several cases, as banks allow this facility and hence when this is the case then the amount spent is linked to the debit card. Also when there is a refund on the amount that is spent using the virtual credit card then one need not worry because the amount will come back to the original card and there is no special effort that is required by the individual for this purpose.

All this makes the entire process convenient and whenever there is a higher risk involved then such cards need to be used.

Happy Investing!!

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