London-based, digital banking alternative, Revolut has launched ‘Disposable Virtual Cards’ in a bid to tackle fraud and give customers confidence with safe and secure online payments.
Users will be able to set up disposable virtual cards in seconds, with card details that are destroyed after every transaction and new ones automatically regenerated, adding an extra layer of security to the platform.
The disposable virtual cards will work alongside Revolut’s existing security features, which include location-based security, the ability to freeze and unfreeze cards. The technology is aimed at preventing online scammers from copying card details. It eradicates the risk that card details could be stolen from online databases.
Vlad Yatsenco, CTO and co-founder of Revolut, stated: “While fintechs generally offer a better service than traditional banks, they still have a long way to go in order to build trust and confidence with consumers.
“Instead of matching what the larger institutions are doing, we are changing the game entirely by introducing disposable virtual cards and promoting existing features such as location-based security and the ability to freeze/unfreeze cards.
“It will take approximately 800 years before we begin to run out of 16-digit card numbers, so we view disposable virtual cards as a sustainable, long-term solution to tackling online card fraud. And by automating this process, the customer experience is instant and stress-free,” he added.
The disposable virtual cards are only available to premium customers. For fraud prevention purposes, a Disposable Virtual Card will work for up to five payments per day and each premium user is allowed to create one card per account.