How Single Use Virtual Cards Can Improve Digital Payments Security
Bank Systems & Technology – The recent data breaches at major retailers have brought greater public awareness to digital payments security, with much of that attention mistakenly going to EMV. EMV chip-and-PIN technology would not secure card-not-present payments like those involved in the data breaches. But there are solutions that exist that could help secure online card-not-present transactions. One example is single use virtual cards, a solution that is already gaining traction in commercial payments where the security it offers is attractive to corporations looking for a secure way to make digital payments.
“The difference with single use virtual cards for commercial businesses is the security and the controls. Some have had company policies violated..” says David Disque, the COO of CSI Enterprises, which offers single use virtual cards to corporate users through a mobile application in partnership with MasterCard. The app generates a single use virtual card number for each transaction that a user makes.
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