Virtual Debit Card

Since the introduction of online purchase procedures, people have faced some severe problems regarding thefts and frauds. Identity thefts, that one may suffer from while following the online shopping procedures, often severely affect a person's financial status and also credit ratings. Such thefts are often considered to be even worse than actual theft of credit cards. In order to address such problems of online frauds and identity thefts, credit and debit card providers have come up with a concept known as virtual card.

What is a Virtual Debit Card?

As the name suggests, this is a debit card that has 'virtual' or no physical existence. Even on the Internet, when a person transacts business, through a virtual card, no personal information is revealed. Thus, this debit card is an identity theft-proof card. The next question that might come into a person's mind is about the usage of the card, since it is virtual. The answer is simple, the card exists only on the Internet. After a person applies for a virtual card the credit card provider assigns a number to the user. This number is usually a 16 digit number, and is emailed to the user along with other details of the card. It is safe to say that the 'card' is actually an account.

The next step is that actual usage of the virtual card. The virtual card is to be loaded as other debit cards. While doing so, a bank account or another credit card or another debit card is employed. In most of the cases the user of the card cannot use more than the amount that has been loaded into the virtual card. After the card has been loaded, it becomes valid for online purchase. While phrasing, the verification code is to be submitted to the merchant. This number is an identity verification number and is used along with the normal debit card number. Thus, to make a long story short while using virtual card, you will need only 3 things to make a safe payment:

• A loaded debit card
• A 16 digit card number
• An identity verification number

Controlled Payment Number

In order to make credit card payments and debit card purchases, the online purchase companies have come up with what is known as a controlled credit card number, which is also known as a substitute credit card number. The controlled credit card number used for payments is basically a concept that is parallel to the virtual card. In such a case, the identity verification number and controlled payment number both have a certain expiration date, that ranges from 2 months to an entire year. Once the transaction is over the temporarily number disappears and any fraudulent user cannot trace the number. Some controlled payment numbers are for a single translation but there are some that last for multiple transactions. Such numbers are granted by some selected banks and credit providers, and are very useful for less frequent Internet shoppers. It must also be noted that the above mentioned facilities are highly effective to withhold and improve credit ratings. In fact some people also use such facilities to improve their credit ratings.

If you are a frequent Internet shopper, then it will be advisable that you get a virtual card, as it is safe, quick and easy. You can apply for, and get these instant virtual cards whenever you need them and can immediately go on a shopping expedition.