Keep Your Bank Info Safe with a Virtual Account Number

Payment, Online Payment, Card Payment, Credit Card
Virtual account numbers protect your real bank information and reduce the risk of identity theft at no cost.

Virtual Account Numbers are an innovative way to safeguard your bank information, reduce the risk of identity theft, and enhance your enjoyment of online banking. When making purchases or taking out loans, you can use your virtual account number as a temporary password instead of your actual account number.

It is critical to remember that Virtual Account Numbers are only one tool for safeguarding your personal information. Virtual Account Numbers are one method of protecting yourself from identity thieves. This is how it works:

Because it separates sensitive data from a single cardholder’s details, a virtual account number (VAN) can provide peace of mind when entering your banking information online. The virtual account number does not contain any funds and instead connects to an existing credit or debit card that the issuing bank has verified. 

This eliminates the need for merchants to store sensitive data about their customers to process payments, making identity theft less likely and lowering fees for both the customer and the merchant. It also means that even if a merchant’s database is hacked and your virtual account number information is stolen, hackers will be unable to use it unless they have the physical card.

When compared to traditional credit cards, virtual account numbers can help you enjoy online banking more because they add an extra layer of security when entering sensitive data over unsecured networks, such as public Wi-Fi. This allows you to do your online shopping or banking while on the go without fear of someone stealing your identity through a hacked network connection.

Why should I use a virtual account number instead of my actual bank information?

There are several reasons you should consider using a virtual account number instead of your actual bank information:

  • It’s secure. Virtual account numbers can help protect you from identity theft and fraud by separating sensitive data from details hackers could exploit, such as stolen credit cards or personal identification (PII).

It improves security when transmitting sensitive data over public networks like Wi-Fi. Your information can be used for purchases or loans with a virtual account number without the need to know the long cardholder identification numbers (CVV/CVC) found on actual credit cards.

Because it does not require additional sign-up steps or verification, it is convenient and simple to use with any online merchant you choose.

  • It’s simple. The use of virtual account numbers is simple. Enter the virtual account number on your payment page as you would any other credit card. It can be used for online purchases and loans without the need for additional sign-up procedures or verification, making it useful when shopping or banking over public Wi-Fi networks.

Virtual Account Numbers make it simple to access your bank information online. Because the virtual account number serves as a temporary password, you can use any credit or debit card. This eliminates the need to enter sensitive data over unsecured networks.

Virtual Account Numbers are one of several methods for protecting your personal information and reducing the risk of identity theft by adding an extra layer of security when entering sensitive data over unsecured networks.

Why should I use a virtual account number to protect my info? 

Virtual account numbers are just one of many methods for safeguarding your identity and financial information. Hackers can easily steal your bank information if you provide it via email or on a public computer. However, use an alternate string that acts as a placeholder for this sensitive data instead of your actual account number. You can help prevent hackers from stealing your information.

Virtual account numbers function by allowing you to create an alternate string or number that will serve as a placeholder for your actual bank account information when shared via email, public computers, and so on.

Virtual numbers are another method for protecting your identity, and they work well in conjunction with other measures such as creating strong passwords and securing devices. However, they should not be used in place of password managers, which can securely store all of this information behind easy-to-remember combinations to ensure you never forget them.

If you’re looking for ways to protect yourself better online, consider these five tips: 

Check your credit report annually 

Check your credit report annually to ensure no one has stolen your information and opened up credit cards in your name. Use unique, complex passwords when logging into your email, banking accounts, or other personal information sites. Use a password manager like LastPass to store them securely; this software can also be used to generate new strong passwords for you when needed.

Keep all devices that store your personal information locked and secure; if they are stolen, change all associated passwords. When available, use two-factor authentication, which requires both a password/number combination and an additional step sent via text or email before access is granted.

Annually reviewing your credit report protects you because:

  • Your credit report contains a detailed history of your financial life and can be used to determine your eligibility for loans, mortgages, and other types of financing.
  • Checking your credit report once a year keeps you informed of any fraudulent activity that may have occurred in the previous year.
  • Checking your credit report once a year can help protect you from identity theft by ensuring that no unauthorized accounts are opened in your name.
  • Checking your credit report once a year will help you identify if someone has opened an account without your knowledge and is using it fraudulently, which could result in higher interest rates on loans or, worse, bankruptcy.
  • If someone steals your identity and uses it to commit fraud, checking your annual credit report will alert you to minimize the damage as much as possible.

Pay attention to what information appears on social media 

Check your social media privacy settings to make sure you’re only sharing the information that is appropriate for each platform. For example, suppose a friend tags you in an inappropriate photo on Facebook. In that case, it will be visible not only to their friends but also to anyone who visits your timeline’s photos section.

Never give out personal information such as your address, phone number, or email address in public forums; doing so can result in spamming and other unwanted interactions with sketchy characters. This data can also be used to answer security questions on your credit card accounts or other personal information websites.

Never share sensitive financial information over email

Never give out sensitive financial information to anyone, even if they ask. It’s a scam if someone emails you asking for your bank account information or other personal information. Do not respond to an unsolicited email with this type of information; instead, contact the company yourself by searching for their phone number on Google rather than taking the emailer’s word for it.

Will HK's new virtual banks deliver what customers really want?- The Asian Banker

Be aware of phishing scams 

Phishers frequently use job postings, contests, and even social media requests to obtain personal information such as your address, phone number, and bank account numbers. They’ll also pretend to be friends or family members who are in trouble somewhere far away and require money to be wired to them. Before you take any action or send money anywhere, always research to ensure their requests are legitimate.

Make sure all devices have strong passwords 

All devices that you use to access your banking accounts, email, or other personal information should have unique passwords that are complex enough that they cannot be cracked using common password hacking software. Always use lock screen security on these devices to prevent them from being picked up if they are left unattended for a few moments.

Wherever possible, enable two-factor authentication

By using virtual account numbers, you can keep your personal information safe. These are other methods for protecting your identity, and they work well in conjunction with other measures such as creating strong passwords and securing devices. However, they should not be used in place of password managers, which can securely store all of this information behind easy-to-remember combinations to ensure you don’t forget them.

Install anti-virus software on all devices 

Install anti-virus/malware protection on all devices that access your bank accounts, email, or other personal information. This can help prevent others from stealing your passwords when they are entered into a web browser using keylogging software.

Discover the built-in security of Aspiration Zero

When shopping online, virtual account numbers can provide a greater sense of security and reduce identity theft risk. You will be able to confidently use your debit card on any website without fear of unauthorized transactions if you take these simple steps to protect yourself from fraudsters who want your information.

If you’re looking for a credit card that is both socially and environmentally conscious, look no further than Aspiration Zero. They may reduce pollution or increase recycling efforts to improve their social impact while minimizing their environmental footprint. 

Whether through an improved life quality of people living in poverty, lower carbon emissions from your company’s business operations, or creating products/services that support a better way of life for people in need, the team at Aspiration has got you covered. Interested? Apply today! 

Leave a Comment

Your email address will not be published.