Mobile banking platform Revolut has announced the introduction of a disposable virtual card feature to its premium service.
The new feature allows Premium customers to make online payments with the card, after which Revolut's systems instantly detect the transaction, destroy the card details and generate new ones that will appear in the app.
The feature has been developed to provide users with an extra layer of security against card fraud, particularly the type associated with card not present (CNP) transactions.
CNP transactions occur when the buyer and seller are not in the same location.
Fraudsters can take advantage of this by placing themselves between buyers and merchants and copy card details when an online transaction is being carried out.
Disposable virtual cards are only available to premium customers and can be set up within the card section of the app.
Users are only allowed to create one disposable card per account, which will work for up to five payments per day.
The virtual cards will not work with subscription services or other types of recurring payments.
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