KB Kookmin Card in collaboration with MasterCard is set to launch virtual credit card number scheme that will protect users from personal information theft.
The service, known as SecurePay, gives a virtual credit card number instead of a real one when the consumer makes a transaction with foreign retailers. Customers can set the date of expiry of the virtual number.
All KB MasterCard users, including the users of the KB MasterCard debit card, can avail this service at free of cost.
Consumers can set the virtual number directly by visiting the KB Kookmin Card website or mobile web page. They can select any one of the three choices including one-time payment limit, monthly payment limit, and user-defined limit.
Consumers also generate multiple virtual card numbers for a single card with different limits depending on the purpose. The number may be discarded even before expiration at the user’s request.
Jang Yong-il, head of KB Kookmin Card’s international business, said: "As most overseas online retailers store their customers’ credit card payment information in their servers, it is easy for hackers to find out and cause serious financial damages to credit card users. We will try to reduce the incidence of card number theft significantly by introducing the virtual credit card number scheme."