Data breaches are slowly becoming par for the course when we couple traditional data storage and use with the internet. Billions of records a year are compromised. Because of this shocking information, many people are looking for ways they can protect themselves from potential security threats—especially those that put their financial information at risk. One solution that people have been drawn to is the virtual debit card. The following will explore what a virtual debit card is and some factors that can help you decide whether getting one might be right for you.
What Is Data Theft?
Any personal information you share online or in a digital database at your bank, hospital, workplace, or government agency is data. This can include financial information, personal medical records, legal records, or any other form of information. It turns out that hackers can make a ton of money by stealing this information and selling it to people who want to steal identities or commit other types of fraud. Cybercrime is at an all-time high and shows no sign of slowing down.
What Is A Virtual Debit Card?
A virtual debit card is basically like an extra layer of defense when it comes to online shopping. You’re given a new debit card number (that is tied to your actual debit account). When you make a purchase with a virtual card like those from Bento, for example, the charges are routed to your account but cannot be traced back to your bank account by hackers; here you can learn more about virtual cards from Bento. Beyond this, the card number isn’t a debit card number or a credit card number, so it isn’t attractive to hackers or cyber thieves.
Where Can I Use A Virtual Debit Card?
A virtual debit card does not completely replace your standard debit card. This is because virtual cards do not allow you to shop in a physical location; it is only for purchases that are made online or virtually.
How Does One Get A Virtual Debit Card?
Securing a virtual debit card involves downloading software onto your computer provided by the card issuer. This software will generate random numbers for the virtual debit card and sometimes can also be used to set spending limits.
Does A Virtual Debit Card Expire?
Yes. Just like traditional debit cards provided by banks, your virtual debit card is set to expire. Depending on the company and package you go with and your particular shopping needs, you might select a card that expires at a certain date, contains a certain number of transactions before expiry, or a card that can be used only once.
Can Businesses Get A Virtual Debit Card?
Both individuals and businesses are able to get virtual debit cards. Many businesses are finding that virtual debit cards and virtual credit cards not only protect them from hacking as advertised but drastically discourage employee misuse of company cards due to the limits that can be imposed on the amount spent, number of transactions prior to expiry or single-use cards. A staff member won’t be able to use the number to purchase something for themself without becoming unable to complete the work purchase they were given the card for if only a single transaction is granted.
The above information should have outlined the unique features available with a virtual debit card, allowing you to determine whether this type of card and security measure is right for you or your business. When determining which virtual card to use, do your research and pay attention to previous customer reviews. If you’re someone who struggles to use newer technologies, look for reviews that specify the card is user-friendly or easy to use.
Image Source: BigStockPhoto.com (Licensed)