Revolut takes lead in fight against online card fraud with disposable virtual cards
22 March 2018 | 14627 views | 0
In an effort to bridge the trust gap between incumbent banks and digital challengers, Revolut is upping its security game by allowing customers to pay online with disposable virtual cards.
In an era when online card fraud is running rampant, Revolut customers will be able to create disposable virtual cards in seconds, with card details that automatically regenerate after every transaction.
The disposable virtual cards will work alongside Revolut’s existing security features, including location-based geo-tagging, the ability to freeze and unfreeze physical cards, as well as being able to disable functions such as contactless and swipe payments.
Vlad Yatsenko, co-founder and CTO at Revolut says: “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."