As the advent of information technology in conjunction with credit cards has made the life very convenient as any issue can be obtained at the click of a computer mouse, it has also increased the susceptibility towards frauds as well. The fraudsters after taking the cards and the PIN numbers do online transactions and lead to a situation of despair for many of us.
There was an apprehension that with the intensity of online frauds boosting the luxury of conducting all the business related and personal transactions from the convenience of home may become a thing of the past. But it has not happened like this. After all, the creator is one action ahead than the destroyer.
The lucrative business proposition that the credit card companies have created for themselves could not be allowed to pass away a slow death. So , the panacea was found in the digital world itself, and the genie unplugged out of the bottle was Virtual Bank cards.
What is a virtual credit card?
A virtual credit card is a card that is present in a virtual world. It does not have any physical shape or size. The particular validity of the card is also deal limited. The card has come into vogue so that the transactions can be done in the internet world without using the physical cards. This is to instill confidence in the user about the security of the deal.
Whenever a transaction is to be done through the credit card, and if it has an option to create virtual credit card, it would give you an alternative of generating the same on screen, before the transaction is to be completed. This is carried out through a note or a dialogue container that would pop-up on the screen plus would ask you whether you want to use the virtual credit card to complete the transaction. Virtual credit card therefore may also be termed as a pre-paid card within the virtual world.
As the virtual bank card is a pre-paid card with a fixed denomination value, it can only be taken for a specific transaction and after the card is destroyed from the records. For every new transaction that is to become done, a new virtual credit card is definitely generated so the cheaters and fraudsters cannot con you even though they could have copied the number of the card quietly, as it is self-destructing. When you use the digital credit card, it provides protection about your financial information. The biggest advantage of digital credit cards is that it comes with zero legal responsibility against any unauthorized purchases created from your account.
Another advantage of virtual credit card is that as it generates a new quantity every time, there is no chance of number getting misused at all.
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Besides, the digital credit card is free of cost and no upkeep or membership charge is made about this card. If you are using it, there is no down load or user charge as well regarding using the virtual credit card.
You can be guaranteed that the transaction done by a person is safe as a dialogue box seems on the screen which announces that the information being passed on to the internet is encrypted by a state associated with art encryption method.