Perhaps a clearer explanation of Shopsafe would be helpful. With Shopsafe, a new credit card number is generated every time desired. The number lasts from 2 to 12 months and the total dollar liability is set for each purchase. So, if I make $150 purchase from XYZ online retailer, I create a new card on the Shopsafe part of the BoA website. I limit the liability on that card to whatever I want. (I would probably put a maximum exposure at $160 for this purchase, just in case ....) And, for a purchase like this, I would set the exposure to the minimum 2 months. Then, finalize the purchase and pay the bill. The charge shows on my original account (hard plastic card version of my CC) This 'new' card number, which simply appears as a screen shot on my computer, expires in 2 months (or the time limit I set up to 12 months). So, the site would need to be hacked within two months in this example. And, even then, I would have a $10 exposure. (I could have set it for the exact amount and had no exposure)
If, I had one or more recurring payments, I would create a new card for each new recurring payment. If it was for a monthly recurring payment like rent, I would set it for 12 months, to be paid on X date, each month. I would set the exposure limit as stated above. My main credit card number is never used and I set the exposure and time as stated above.
The weak point in the system is actual point of purchase when using THE credit card. Even with Shopsafe, I would have been compromised by the Home Depot fiasco. So, in my opinion, we all need to demand that our credit cards come with 2-step verification. Europe and Asia do it now. And, there is technology where the 3 digit code found on the back of your CC can become dynamic. As far as I know that technology is not used yet in the states. But, 2 step with a pin could be here as soon as financial systems get their act together. We should all be asking our institutions for this extra level of safety. Many of us use it with debit cards. It should be added to credit cards.
OK, I feel better now