While 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 NUMBER numbers do online transactions and lead to a situation of despair for a lot of of us.
There was an apprehension that will with the intensity of online frauds raising the luxury of conducting all the company related and personal transactions from the convenience of home may become a thing of the past. But it has not happened like that. After all, the creator is one action ahead than the destroyer.
The profitable business proposition that the credit card companies have created for themselves could not be allowed to die a slow death. So , the panacea was found in the digital world itself, and the genie unplugged out of the bottle was Virtual Credit Cards.
What is a virtual credit card?
A digital credit card is a card that is available 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 cyber 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 with the credit card, and if it has an option to generate virtual credit card, it would give you an alternative of generating the same on screen, prior to the transaction is to be completed. This is carried out through a note or a dialogue box that would pop-up on the screen plus would ask you whether you need to use the virtual credit card to complete the particular transaction. Virtual credit card therefore may also be termed as a pre-paid card in the virtual world.
As the virtual credit card is a pre-paid card with a fixed denomination value, it can only be applied for a specific transaction and after how the card is destroyed from the records. For every new transaction that is to become done, a new virtual credit card will be generated so the cheaters and fraudsters cannot con you even though they might have copied the number of the card stealthily, as it is self-destructing. When you use the digital credit card, it provides protection about your own financial information.
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The biggest advantage of virtual credit cards is that it comes with zero responsibility against any unauthorized purchases made out of your account.
Another advantage of virtual charge card is that as it generates a new quantity every time, there is no chance of number being misused at all. Besides, the virtual credit card is free of cost and no servicing or membership charge is made with this card. If you are using it, there is no download 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 shows up on the screen which announces that the information being passed on to the web is encrypted by a state of art encryption method.