Virtual cards are convenient, but are they safe? Learn to spot fraud, secure your info, and maximize protection with the Bitnob virtual card—the safest for you.
Virtual cards are taking the financial world by storm, but with this modern technology comes the concern; are they truly secure? In this digital age, convenience often comes with hidden risks.
Virtual cards, on the other hand, are payment cards that exist entirely online. They are like any other physical payment or credit card, with a unique number, expiration date, and CVV, they just exist solely as information in a system and their users never receive a physical card.
While virtual cards offer benefits like increased security and budget control, they can also be targeted for scammers and fraudsters. From generator websites to phishing links and online shopping traps, the scams are unending. In this article, we’ll explore different ways to avoid virtual card fraud and protect your funds.
What Is a Virtual Card?
A virtual card refers to a digital form of payment card for making payments against purchases made through mobile apps or online without the need to carry physical cards or cash. It allows you to perform all the functions of the traditional plastic card and even better.
A virtual card is the same as a physical card—with a cardholder's name, card number, CVV, and expiration date. Thеsе cards arе typically issuеd by banks, financial institutions, or paymеnt sеrvicе providеrs and arе linkеd to an actual account or paymеnt sourcе.
How to Avoid Virtual Card Fraud
Avoid Sharing: To avoid virtual card fraud, avoid sharing your virtual card details anywhere you wouldn't share your regular credit card information. Never write down your card details or PIN number on a notepad, sticky note, or even into a document on your computer. Only use your virtual card on websites and with merchants you trust and recognize.
Use a Strong Password: Another way to avoid virtual card fraud is to use strong, unique passwords for all accounts where your virtual card details are stored. Avoid using the same password for multiple accounts. Whenever possible, enable MFA for any account where your virtual card information is stored. This adds an extra layer of security by requiring a second verification code when logging in or making transactions.
Beware of Phishing Scams: Phishing emails often come from disguised addresses or companies you don't recognize. Be wary of emails urging immediate action or claiming to be from trusted sources like your bank or social media platform unless you specifically contact them first.
Regular Check: Monitor your transactions by regularly checking your virtual card statements for any unauthorized transactions.
Take Immediate Action: If you suspect fraudulent activity on the Bitnob app, you can easily freeze or disable your card to prevent further misuse.
Benefits of Using the Bitnob Virtual Card
Enhanced Security
Since virtual cards aren’t physical, they, therefore, can not be stolen or misplaced and this further improves their level of security.
One of the major benefits of the virtual card is that it’s easier to cancel and this essentially keeps your account safer. Usually, when a physical card is stolen or misplaced, it might take a few days before it’s canceled while for the virtual card, you only need to do it on the mobile App on your phone. Virtual cards offer a layer of security against fraudulent transactions.
Better Control On Spending
Virtual credit cards can help you control your spending. That's because some of these cards enable you to set spending limits or create single-use virtual cards for specific transactions, giving you more control over your finances.
This can also save usеrs from fraud by limiting the amount of money that can be chargеd to a card.
Simplified Tracking & Management
Expenses via the virtual cards can be tracked and managed smoothly through the mobile App, which can help you stay on top of your costs and bеttеr manage your financеs.
With virtual cards, you get to keep track of the funds available with the data provided by the system, so you can have better internal transparency and efficiency in the payment process.
Bitnob: The Safest Virtual Card for you
The Bitnob virtual card is the safest virtual card that you need for your financial transactions. Bitnob uses industry-standard encryption methods to protect your card information. This makes it difficult for hackers to steal your data. Also, getting instant notifications for every transaction allows you to monitor activity and identify suspicious charges quickly.
Ready to experience the safest way to use a virtual card online? Download the Bitnob app today!