Since the beginning of time mankind has invented and evolved new methods to carry out business and trade. Credit cards are not a new concept. Dating back from the mid 1940’s the first credit cards were introduced by American Airlines and the Air Transport Association to promote air travel. Later banks and financial service providers offered the service to their customers. The present age of computing power, and internet diversity has further revolutionized the way we carry out our day to day financial transactions. Whether it is online shopping, funds transfer, booking a holiday abroad or BUY VCC other services online, credit cards make it all possible from the comfort of your home. But are internet transactions secure enough? Yes, with the introduction of Virtual Credit Cards they are now!
Internet Marketplace & The Pirates
The internet age has brought immense comfort and ease to customers in making the right product choices. Search the web for what you need, and in what price range, all the options available to you will be there. Choose what suits you best and pay via your credit card in a few keystrokes. As it is with all good things that have a downside, the internet marketplace also experienced a glitch. Pirates of the web surfaced as a threat to the otherwise safe considered online transactions. The introduction of Virtual Credit Cards has helped overcome this problem.
Security Made Possible
Modern encryption techniques and online security protocols/parameters such as SSL. SMPX etc are now in place to ensure the utmost security of your financial transactions. As an add measure of security the concept of virtual credit cards, the VCCs has long been introduce. VCCs are cards specifically for use over the internet and are consider a secure mode of online transactions. Using the SET (Secure Electronic Transactions) Protocol security and confidentiality of transactions is made possible. The merchant to customer and the customer to bank information security protocol is follow allowing access only to information relevant to each of the two parties.
These are simply cards link to the users bank credit card or a physical bank account playing an alias to the original. All VCC service providers have a payment authorization mechanism. It can either be an IVR (Interactive Voice Response) call on your personal cellular phone asking you to confirm whether you are the one carrying out the transaction or in certain cases it can either an SMS/e-mail message delivered to your validated number or email. Some banks today provide temporary/ time bound VCC accounts. The best thing with VCCs is that you can yourself set the maximum credit limit. Expiry date and the specific online locations where to shop from. Meaning, no chances of fraud or the card being misuse.