For all of you online shoppers

[seen]

I just discovered this the other day and I can't believe I had never heard of this before. Virtual/Disposable credit card numbers!

In the past, I've had my full identity stolen once and my credit card numbers stolen twice. So I've never really felt comfortable about ordering online unless it supported paypal because who knows what the site does with your credit card after you enter it. Or maybe the security on that site is so weak that someone else might hack into and steal customer info.

My bank is Bank of America. I'm not sure who else offers this, but the idea is the following:

1. Log into your bank/credit card online and look for anything that might entail a virtual credit card numbering service.
2. Generate a number which is directly linked to your real credit card. During this process, YOU set the credit limit and the expiration date for your card.
3. That's it! Now you can go to any site and make a purchase securely with this virtual number. After you're finished, you also have the freedom to destroy that virtual number so that it can never be used again.

This is an amazing free service that really puts control back into the customer's hands. Some of you might think this is old news, but it's new to me so I just thought I'd share! Granted, this won't work if your PC itself is infected, but that's another can of worms

[irmanator]

thats interesting, I will have to look into it.

[rennigade]

ive been using virtual numbers with discover card for years. i would imagine most cc's now offer this?

[wincrasher]

I don't really see the need. Your liability is limited to $50 by law. Some banks totally shield you if you follow their reporting rules on losses.

So you are being conned into going thru the trouble to save BofA from their liability.

And if you think you are protected from losses by PayPal, think again. It's totally a courtesy for them. They've been hacked and information stolen too.

Remember also that debit cards often have the same rules as checks for losses. You could be out the full amount of a transaction if you use a debit card.

[seen]

That's true. When I had my cc stolen twice I didn't have to pay for any of it. But it was the hassle afterwards that was a pain. The paperwork involved, waiting for the new card to arrive, remembering the new number, changing auto-payments.. BofA has its service setup so that when you make payments it keeps a running history of previous numbers. So, that canceled credit card remains an "optional" payment method until you call the bank to have it removed.

Many online sites keep tabs of your history if you're a registered user; ie. Amazon will remember your credit card info and offer quick payment options for your next purchase. That's part of the reason I like Paypal. You enter your cc info at one site so, secure or not if anything does get stolen you know where it originated. Foot note: I never use my debit card for anything unless with a bank teller. Not even ATM's, that's how my identity was stolen

The big reason I like disposable numbers though, is that I do a lot of "one time" shopping at various online stores. ie. I'd buy something on sale from them, but would never need to buy from them again. I've never felt comfortable entering my cc info since it will remain with them for God knows how long.

In the end I guess it's more about peace of mind, and not having to worry about dealing with fraud. Oh and rennigade, you could be right but I have an Amex and they confirmed for me that they don't offer the service.

[BlueLargo]

whoaaa--that sounds awesome. I didn't know this existed either. I'll definitely have to look into it.

[curtis.lesa]

Thanks a million for sharing this with us. I would definitely find out from my bank if they have this service and if they don’t then I would be approaching Bank of America. You have really shown us the light.

[glock35ipsc]

Remember also that debit cards often have the same rules as checks for losses. You could be out the full amount of a transaction if you use a debit card.

Actually, if the debit card has a Visa or MasterCard logo on it, they are afforded the same exact fraud protections as a credit card. This is on both company's web sites.

From Visa:

Zero Liability | Personal | Visa USA

Debit cards have the same security protections like as credit cards. Just like credit card cards, debit cards have Zero Liability* fraud protection and dispute resolution options.

From MasterCard:

Zero Liability | MasterCard Zero Liability Protection for Lost & Stolen Cards | MasterCard®

Debit MasterCard Benefits
With your debit card, you'll enjoy great features such as worldwide acceptance at millions of locations, MasterCard Global Service, and Zero Liability* protection from unauthorized purchases.

Of course, this is only valid if you use the debit card like a credit card, and not as a PIN transaction.

[goodboy123]

thanks for share it with us

[athurart09]

I just discovered this the other day and I can't believe I had never heard of this before. Virtual/Disposable credit card numbers!

In the past, I've had my full identity stolen once and my credit card numbers stolen twice. So I've never really felt comfortable about ordering online unless it supported paypal because who knows what the site does with your credit card after you enter it. Or maybe the security on that site is so weak that someone else might hack into and steal customer info.

My bank is Bank of America. I'm not sure who else offers this, but the idea is the following:

1. Log into your bank/credit card online and look for anything that might entail a virtual credit card numbering service.
2. Generate a number which is directly linked to your real credit card. During this process, YOU set the credit limit and the expiration date for your card.
3. That's it! Now you can go to any site and make a purchase securely with this virtual number. After you're finished, you also have the freedom to destroy that virtual number so that it can never be used again.

This is an amazing free service that really puts control back into the customer's hands. Some of you might think this is old news, but it's new to me so I just thought I'd share! Granted, this won't work if your PC itself is infected, but that's another can of worms

Thank you so much for the post. It's really informative!

[penniepen]

will check this out, thanks

[JoJoGal]

I used to work at a bank, so I am familiar with the concept, and it is just great!

[cypher1]

I don't really see the need. Your liability is limited to $50 by law. Some banks totally shield you if you follow their reporting rules on losses.

So you are being conned into going thru the trouble to save BofA from their liability.

And if you think you are protected from losses by PayPal, think again. It's totally a courtesy for them. They've been hacked and information stolen too.

Remember also that debit cards often have the same rules as checks for losses. You could be out the full amount of a transaction if you use a debit card.

I'd be more upset if someone got my debit/check card than a CC since one of my savings account is tied in. They deplete your checking, your savings can be drained too if its sets for overdraft protection. Almost all bills are paid with CC, especially online purchases. Questionable CC charges can be disputed, and your money is still in your account while your wait for results. I've also had identity theft where someone had opened 3 different CC accounts in my name, which was a pain to correct, but credit report was good again. Paranoia sets in, but I realized they didn't actually get any of my money, so I actually welcomed using my CC for everything instead of cash, since its leaves digital signature to cover myself.