On the other hand virtual cards are being promoted by Banks specifically to address such fraudulent online transactions. These cards go one step even further in implementing online security. They are a one time use card. The user can generate this card online via a simple registration process several times during any given day with pre-defined cash limits set for the card depending on that particular transaction requirements. The left over cash will be refunded back to the credit or debit card account.

How do you register for the virtual card online?

The process is very simple with most banks. All you have do is log on to your online banking account and register for the virtual card, You have to fill in the particulars like the cash amount your are likely to spend apart a few other details. The bank will generate a brand new exclusive 16 digit number, a CVV2 number and an expiry date for that particular virtual card. Remember that most cards expire within 24-48 hours after being generated. This in in your own security interest. This is an absolutely safe method for undertaking all your online transactions and is hacker proof because its designed for a single use only after which any excess cash gets automatically transferred back to your credit or debit card account.

More such measures the need of the hour

A lot more of these hacker plugs are needed, though there is no one easy solution in sight with the use of plastic money. Users also need to be alert when using an online service and ensure security instructions are strictly adhered to.

This could be beyond the realm of banking but given the fact that everyone’s lifestyles are so dependent on the internet, streamlining online systems to ensure protection of sensitive information is a very critical and urgent need in today’s scenario.