Suits Me Simplified: Banking 101

How Can a Virtual Debit Card Protect Your Money?

Discover how a Virtual Debit Card can protect your information when shopping online

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Security should always be uppermost in our minds regarding money, whether we are spending it in a store, online, or transferring it between accounts.

Banks and financial institutions devote a lot of resources to security into protecting our money, and one useful feature you can make use of is a virtual debit card. In this blog post, we discuss everything you need to know about using this secure method of payment. 

What is a Virtual Debit Card?

A virtual debit card involves your banking provider generating a random virtual card number and CVC code for one-off use. The virtual card is still linked to your bank account the same way a regular debit card would be. You can use your virtual debit card to pay for online purchases or pay someone online or over the phone. 

What are the Benefits of a Virtual Debit Card?

A virtual debit card adds another layer of protection for you against fraudsters. Once you use the randomly generated card number, it can’t be used again. 

A virtual debit card also has a short shelf-life, meaning there is a time limit between when the number is generated and when it must be used.

Therefore, there is a lot less opportunity for fraudsters to use a virtual debit card in your name as they cannot clone the card in the way they can with physical debit cards. All they need to do is get your debit card number and CVC code, and they can go on an online shopping spree.

Even though a virtual debit card has a pretty short window for use, there may be a chance that the details could fall into the wrong hand. One great advantage of a virtual card, though, is that if you do suspect a security break, you can instantly cancel the card online. 

When is it a Good Idea to use a Virtual Debit Card?

A virtual card can be used whenever you are shopping online to provide added security. You can make purchases linked to your bank account, but because you are using a virtual debit card, the purchases cannot be traced back to your personal account.

If you are using a shopping site for the first time, a virtual debit card may be a good option. Most online merchants have solid security measures in place, but using a site you are not familiar with, a virtual debit card may be an excellent way to protect yourself. 

Virtual debit cards can also be a useful option for businesses. You can deal with lots of different clients all the time. If you have to pay a new client you don’t know much about, using a virtual debit card will give you that added layer of protection.

Budgeting Made Easier with a Virtual Card

A virtual debit card not only protects your money from fraudsters, but it can also protect you from yourself. When you take out a virtual debit card, you can set a spending limit on it and decide the date you want it to expire – perfect if you’re worried about going over budget or tempted by those sales! 

Safer, More Secure Banking

So, if you’re conscious about your security – which should be a priority when shopping online – then a virtual card may just be the way to go to protect you from fraudsters. 

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