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I don't consider my risks to be 100% covered. I don't have to pay for fraudulent charges, but I still incur substantial costs in terms of time and hassle when a
by zippergz 10y ago
I don't consider my risks to be 100% covered. I don't have to pay for fraudulent charges, but I still incur substantial costs in terms of time and hassle when a card is compromised and I have to get a new one. Time on the phone with the bank outlining which charges are legitimate. Time getting them to send me a new card (more complicated if I'm traveling). Time updating all of the automated payments or other accounts where the card number is stored. Hassle when my card is declined in the grocery store because the number was compromised and I didn't know yet. Hassle getting a late fee refunded (or service reinstated) because I forgot to update the card on one account and the automated montly charge failed. Hassle when the card is declined because the bank THINKS it's been compromised (theoretically less likely in a more secure system). And so on.
I've had cards compromised probably a dozen times (most in the forms of "mass compromise," where the bank shuts down my account and sends me a new card even though there were no fraudulent charges on my specific account). I'm glad I didn't have to pay any cash, but it has cost me a lot nonetheless.
- brazzledazzle 10y agoI can't understand why virtual card numbers haven't been embraced across the industry. While it wouldn't solve every problem you mentioned it would make the need to update cards with services non-existent. I think it's safe to assume that a virtual card number per service would also allow them to more quickly assess where the breach occurred.
- jdeibele 10y agoAgree. If Google and Apple can do per-app passwords for apps or websites that don't work with 2-factor authentication it seems like Visa should be able to kick out a per-merchant number for Comcast, Netflix, etc. If the underlying credit card number is compromised, just change that and leave the virtual in place.
- emidln 10y agoThis used to work with Paypal virtual debit cards. At some point in the last 5 years they decided to cancel the program.
- ryanmaclean 10y agoJust a quick chime in here - our system does in fact do that, and though I can't speak with authority about others, my understanding is that they do the same.
- zippergz 10y agoBank of America still offered this last time I checked, but the stupid thing required Flash so I never bothered with it.
- tjohns 10y agoOnly for BofA credit cards. For some reason they won't let you use it for their debit cards.
- lostcolony 10y agoNot to mention requiring Bank of America. No thank you.
- BlackFly 10y agoThe biggest problem with virtual card numbers at the moment is when you show up at the hotel and cannot provide the card you reserved the room with. Notwithstanding that, they are quite successful in some parts of the world.
- saryant 10y agoI have ~30 cards and a few get compromised every year. I've honestly never found it to be a big hassle. My daily card has been compromised a few times—Chase just overnighted me a replacement and that was it.