As I understand it, credit cards are generally safer to use than debit cards - at least as far as fraud goes. Does this mean using third party virtual CC#s, for the purposes of spending limits, means I lose some of that risk mitigation?
One benefit of the virtual numbers like those offered by Capital One is that you can lock them after a certain date. I like doing this to stop automatic renewals as some vendors seem to ignore cancellations. I frequently use the virtual cards online. My Apple virtual card was recently used for attempted fraud but the rotating CCV stopped the charges.
@Kel
I’ve not had any trouble with ignored cancellations. I just want to be able to identify who leaked my data. But now that I’ve learned about BIN attacks I’m more inclined to just rely on my credit card company.
Sterline said:
@caleb
Banks and credit unions issue a provisional credit immediately. Money is not tied up.
They aren’t required to. Reg E states that the bank must investigate within 10 days, and if a resolution isn’t found then they must issue provisional credit. Plus, you have lag time between spotting the fraud and reporting to the bank. There’s no reason to tie up your own money, not to mention all the other benefits (rewards, status, warranties, liquidity, etc).
Del said:
Why not use a provider with native virtual CC support like Capital One or Citi?
Most of the people asking are using Chase or another bank that doesn’t offer virtual.
Del said:
Why not use a provider with native virtual CC support like Capital One or Citi?
Most of the people asking are using Chase or another bank that doesn’t offer virtual.
They make a fair point though. I didn’t think it was relevant at first but perhaps it is: I’m currently aiming at a Discover Cash Back card now that Walmart doesn’t offer the 5% cash back anymore. I’m not sure how advantageous it would be for me to pursue something different.
I haven’t checked this quarter yet but maybe I’ll get lucky and I can do a PC to it this time around.
What virtual CC numbers are you talking about? If you’re referring to something like Privacy, last I checked using a credit card as your funding source isn’t an option anyway.
Maybe not a fraud concern, but I wouldn’t like the third party virtual cards because if something goes wrong in terms of merchandise or something else, the dispute process would be messy because you basically are paying the third party. Disputing charge with the third party against the merchant probably won’t be as “advantageous” to you.
No, you aren’t.
It’s virtually “safer” but as with anything you should always keep an open mind around your security and why you’re doing it.
Does having a virtual number help? Absolutely. But it doesn’t just automatically mitigate fraud from happening.
@Lorin
Your tone seems unnecessarily aggressive. A post requesting more information doesn’t seem closed-minded to me. ‘Mitigate’ doesn’t mean stop. Why the jabs? I don’t understand.
Cassidy said:
@Lorin
Your tone seems unnecessarily aggressive. A post requesting more information doesn’t seem closed-minded to me. ‘Mitigate’ doesn’t mean stop. Why the jabs? I don’t understand.
Sorry ???
I’m in no way being rude or mean …
> credit cards are generally safer to use than debit cards - at least as far as fraud goes
This is a sales narrative for pushing credit cards, but not really true from what I’ve seen. Banks and credit unions offer reasonable fraud protection on their bank accounts in my experience.
I don’t see any need or benefit to generating different card numbers as it seems like in recent years fraud transactions aren’t happening with hacks anymore as often as BIN attacks or other vulnerabilities like that.
Review your bills and statements each month. Report anything that’s wrong and you should be fine.
@Sterline
If there is fraud, it’s better that the bank’s funds are tied up (credit card) rather than your cash (debit card). Credit cards are absolutely smarter to use than debit cards. Debit cards should almost never be swiped for purchases.
@caleb
Banks and credit unions issue a provisional credit immediately. Money is not tied up.
@caleb
BIN attacks are happening on accounts even when we’ve never used the debit cards. If your bank or credit union isn’t giving out immediate credits (it but but pretend it doesn’t), it’s time to switch.
@Sterline
Hmmmm, seems I’ve some googling to do.
Edit: not really sure why I was downvoted.
Cassidy said:
@Sterline
Hmmmm, seems I’ve some googling to do.
Edit: not really sure why I was downvoted.
Beware there’s a lot of content out there that’s search engine optimized (and sometimes wrong) to sell us on credit cards we might not need or benefit from.