Press Centre

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Protect yourself with virtual account numbers

Jennifer McFadyen
Online Shopping Examiner
February 2009

Are you concerned about using your credit card for online purchases? There is something you can use to help protect yourself: virtual account numbers.

A virtual account number is an "alias" number that you can give to online retailers in place of your actual credit card number. The virtual account number is linked to your credit card account and shows up on your bill just as if you had made the purchase with your regular credit card.

Several banks now offer a virtual account number program. A software download or web tool provides access to the program.

The program that I'm familiar with allows a one-time only purchase per virtual account number and the number expires in about a month. I understand that other programs allow multiple purchases on one number and some programs even let you adjust the expiration date for recurring purchases.

But how does a virtual account number help make online shopping safer?

Any attempts to make a second purchase on a one-time only virtual account number will be refused. This is helpful because even if your online retailer experiences a data breach and your account number falls into someone else's hands, the card cannot be used for additional purchases.

The short expiration date that some credit card companies offer on virtual account numbers takes some of the worry out of making online purchases. Your account number may sit on a retailer's servers indefinitely, but you will have peace of mind knowing that your virtual account number expires within a short period of time.

Of course credit card companies will normally remove fraudulent charges, but why go through the hassle if you can avoid it by using a virtual account number? If someone steals your main credit card number you have to go through the process of canceling the card and getting a new card with a new account number. If someone gets a hold of your virtual account number, your main credit card number is not compromised.

A virtual account number is a great way to help protect you against online fraud. Just keep in mind that a virtual account number cannot be used when you must provide physical proof of your card, like movie and event tickets purchased online.

http://www.examiner.com/x-3457-Olympia-Online-Shopping-Examiner~y2009m2d19-Protect-yourself-with-virtual-account-numbers

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