Robert Siciliano explains how temporary credit card numbers work to prevent fraud. Banks like Citi and Bank of America offer them, and apps like Blur generate one-time-use numbers for online shopping. You stay protected even if a merchant gets hacked.
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Okay, do you wish you could shop online, but when it comes time to pay that bill, keep your credit card number undercover? For those of you who dread putting your card information in those little boxes when you make that purchase, we found there's actually banks and even an app which let you shop but keep your real credit card number all a secret. Designer purses, dog treats, and donations paid for online, but this shopper never revealed her real credit card number. Almost at the click of a button, very simple. How did she do it? By using virtual credit card numbers requested from the bank. Anyone that I have talked to about this product is not aware that it exists. The temporary numbers are linked to your actual credit card account, but when you go to pay, you just enter the temporary digits in the checkout box and complete your purchase. Your real card is charged, but your real number never appears online.
The temporary numbers limit fraud, pure and simple.
While some programs let you set the amount of time a virtual card number is valid, remember this: The best use of a temporary credit card number is a one-time use, so a really short window so that it can't be used multiple times or over an extended period of time.
Most temporary numbers can be used anywhere you don't need a physical card to be swiped, and that's why using one in a store could be a difficult sell.
You've got to convince the, the clerk that there's a different number than the numbers on the card that they want to use in order to do the purchase.
Major banks like Citi and Bank of America offer temporary credit card numbers, and And now there's an app for that called Blur, which lets you shop online without revealing your real card number. Experts say while temporary account numbers can thwart cyber thieves, remember this: that all banks have zero liability policies if criminals ring up fraudulent purchases on your card.
One of the most effective ways to reduce fraud is really just to pay close attention to your statements, making sure that there aren't any unauthorized transactions, and if there are, you refute those transactions quickly and efficiently.
Bank of America and Citi say returning items purchased with that temporary credit card number works the same way you return something you bought with your actual credit card. It doesn't matter if the temporary card has expired. The return can still be credited to your actual account. Now, as always, keep your receipt and purchase information all for proof.
