BlackCloak always advises clients to avoid using debit cards for any type of internet transactions. In the event of a breach, you do not want to run the risk of exposing your banking information, as the process to recover stolen funds can be arduous, and there’s no guarantee you will get all your money back. Always pay with a credit card where possible. You have more protections when using a credit card.
Virtual payment cards are a way to get all the fun stuff you wish to buy while protecting your bank data from opportunistic hackers.
How Virtual Payment Cards Work
- Virtual payment cards provide a unique 16-digit card number shoppers can enter when checking out instead of their actual debit or credit card numbers. The cards also include an expiration date and card security code as well.
- Shoppers can set their virtual payment cards to be used for single transactions before they are permanently closed, or have a card that can only be used for one particular website.
- Certain services also help mask activity on bank statements by allowing users to choose fake store names for their purchases (just make sure you remember what dummy names you choose so you don’t psych yourself out and think you got hacked.)
- If there is one instance where you should not use virtual payment cards, it would be any situation where you may need to produce a physical card at a later date. There is no guarantee the place where you made the purchase will accept, or even understand, the service. This is where a typical credit card would be useful and it will save you and whoever is finalizing the purchase a lot of headaches.
Virtual payment cards are a great way to keep your debit and credit card numbers, and your banking information, off the dark web. A study conducted by Privacy Affairs found hackers sell credit card information for $14-30. Bank account logins for accounts with a minimum balance of $2,000 can fetch an average of $120 on the dark web, while credit card accounts with a $5,000 balance go for $240.
Card numbers are valuable targets for hackers, and you should do everything in your power to ensure your information is protected from those bad actors. By providing a virtual 16-digit card number when you make purchases, you are making it harder for hackers to grab vital financial information.
If you are looking for a virtual payment card service, you may want to start with Privacy.com, which offers all of the features listed above, and then some. Privacy.com also provides a browser extension that generates and auto-populates the dummy credit card numbers at the checkout screen.
Data breaches are a hassle, and an incident involving financial data is scarier than any horror movie you’ll watch this October. A virtual payment card in your (virtual) wallet can do wonders to fend off the cyber boogeymen roaming the web.
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