Card-not-present transactions are becoming increasingly popular, having grown by more than 20% in 2021 alone, according to Visa’s estimates. Card-not-present transactions refer to remote credit and debit card purchases, processed without a physical card interacting with a POS terminal—in other words, transactions conducted online and over the phone.
The popularity of card-not-present transactions raises a crucial question—is it safe to give a debit card number and CVV over the phone? This article will provide the answer and tackle other relevant topics, such as:
CVV is short for “card verification value,” a unique code used to confirm online and over-the-phone transactions with debit and credit cards. The name and structure of the CVV can vary depending on the card issuer—here’s a breakdown of CVVs across the four largest payment card networks:
In practice, most consumer debit card issuers have zero-liability policies and will reimburse you for the entire amount of the unauthorized transactions—but only after a tedious and lengthy reporting process.
Even if your bank closes your compromised debit card following a fraud incident, it is likely that your bank account details associated with that card will remain the same. You should replace old passwords for your online checking accounts and check your card statements regularly to ensure there are no signs of further fraudulent transactions.
Virtual Cards Can Help Protect Your Financial Data During Transactions
One of the most effective ways to protect your financial data during card-not-present transactions is to avoid providing your real debit card information altogether.
You can achieve that by using virtual cards. The 16-digit number, CVV code, and expiration date on a virtual card are uniquely generated to mask your financial information and add an integral layer of safety to your digital purchases.
You can connect a virtual card to your debit card or bank account and use it for online purchases like you would a regular debit card. A potential hacker who breaches a merchant's website can only access your virtual card number while your real card and bank info remain protected.
If you’re interested in a safe way to conduct debit card transactions, consider Privacy Virtual Cards.
Keep Your Card Information Safe With Privacy Virtual Cards
Privacy is a BBB-accredited independent virtual card provider dedicated to enhancing the security of your debit card and bank account data during online purchases. The company is compatible with most U.S. banks—you need to be 18 and have a checking account at a U.S. bank or credit union to request a virtual card with Privacy.
The virtual card issuer follows the latest cybersecurity protocols, ensuring safety comparable to that of a reputable and reliable bank.
To help you make online purchases securely, Privacy provides two types of cards:
Merchant-Locked Card—This type of card can be used multiple times but at one specific merchant. If a hacker obtains the virtual card info during a data breach, they wouldn’t be able to make purchases anywhere else. Merchant-Locked Cards are perfect for subscriptions and other recurring payments.
Single-Use Card—This type of card can be used only once as it closes automatically soon after the first transaction is complete. When you’re unsure of a merchant’s security practices, making a small purchase with a Single-Use card is a safe way to test them—if your virtual card data gets stolen, it will be useless to the thief.
Privacy Makes Online Transactions Easier
The Privacy platform has plenty of quality-of-life features, like its browser extensions for Safari, Chrome, Edge, and Firefox. You can use it to seamlessly and quickly finalize any online transaction without manually typing your Privacy Virtual Card info—the extension auto-fills your data at checkout. Users who like to shop on mobile can speed up checkout time with the Safari extension for iOS devices.
A dedicated Android and iOS app allows you to manage existing cards and generate new ones from your phone. The app also supports push notifications, providing a real-time update whenever one of your virtual cards is used or declined.
You can set individual spending limits on each card to prevent merchants from overcharging you and manage your budget more efficiently. When you decide to close, pause, or unpause a Privacy Card, you can do so immediately through your browser or mobile app without affecting your actual debit card and bank account. You can take advantage of this feature to block unwanted subscription charges, but make sure to reach out to the merchant directly and cancel the subscription.
How To Start Using Privacy
Your first Privacy Virtual Card is only a few steps away:
Provide the information required to verify your identity
Connect your bank account or debit card
Request and generate a Privacy Card
The Personal Plan is free for domestic purchases and includes up to 12 virtual cards per month, access to the mobile app and browser extensions, and full card management capabilities. If you opt for one of the paid plans, you’ll receive additional benefits and features, such as:
1% cashback on eligible transactions (totaling up to $4,500 a month)
