| Use virtual numbers if possible If you have a credit card that allows you to generate a virtual account number, then do so for all your online transactions. You can set a spending limit and set it so that the number can only be used at a particular merchant (Citibank does this for example). This way if that number gets stolen, the thief will have a harder time trying to use it. |
| reply to StudioTech
Before signing up for Citibank's Universal Card Virtual Account Number (VAN) service, read the user agreement very carefully.
If your credit card # gets stolen, your liability under CitiBank's "0 liability" policy seems to be just that ($0) if it is reported to Citibank upon discovering it. I believe that Federal law also has a cap ($50?).
On the other hand, the VAN user agreement seems to make the cardholder responsible for any charges incurred due to compromise of their VAN userid/password (such as via keyloggers, shoulder surfers, et al). It may be that this liablity is also limited by the Federal law, but I Am Not A Lawyer so don't feel comfortable speculating/relying on that. |
