In an effort to stay one step ahead of the game at all times, digital banking app Revolut is set to launch disposable virtual cards next week to help users of its Premium service protect themselves against online card fraud.
Revolut users will be able to create disposable virtual cards for online purchases in seconds, with card details that automatically regenerate after each transaction. This will also protect users from inconveniences like chargebacks from sites on one-off purchases, as well as preventing fraudsters from tracking bank account information.
The virtual cards will work alongside existing Revolut security features, such as location-based transaction security, the familiar “freeze/unfreeze” physical card ability, as well as being able to disable swipe and contactless payments.
“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.,” said Vlad Yatsenko, co-founder and CTO at Revolut.
“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. And by automating this process, the customer experience is instant and stress-free.”
Statistics provided by Revolut say that online card fraud increased by 9 per cent across Europe between 2015 and 2016, coming to a total of €1.8bn. The United Kingdom and France were hit particularly hard, accounting for 73 per cent of that number.
Speaking at the Innovate Finance Global Summit earlier this week, Revolut CEO Nikolay Storonsky has promised a whole slew of features set to be launched in the coming weeks, including the reveal of its wealth management effort, as the banking app prepares for its imminent journey stateside.
Revolut for Business’ James Gibson will be appearing at the AltFi London Summit next week, alongside other digital banking CEOs and top brass from the likes of Monzo,Starling Bank,Funding Circle,Curve and Tandem Bank. You can register for tickets, view our line up and take a look at the schedule here.