Securely generated numbers tied to credit card

[spncity]

Discover no longer does this - the company that they contracted with to do it was bought out by some other company (this according to a customer service rep on the phone).

Do you know of a credit card that does do this?

I'd like to generate a separate number for each autopay entity.

I like the idea of not having to call up autopay vendors every time a card company sends me a new card "due to the Home Depot breach" or similar.

Thanks for any ideas....

 

[ChiliPepr]

I know Citibank allows virtual numbers for one time transactions, but not sure if they can be used for autopay.

 

[Tadpole]

ShopSafe at Bank of America. (Generated number has it's own limit and expiration. Also allows only one entity to charge to it.)

 

[gauss]

I believe mango money allows multiple virtual numbers to be used concurrently, and for multiple times.

Mango money is a prepaid debit card that allows a companion savings account to also be opened. Savings account will pay around 5% interest on balances up to $5,000.

-gauss

 

[savory]

ShopSafe at Bank of America. (Generated number has it's own limit and expiration. Also allows only one entity to charge to it.)

We recently became a BoA customer and I learned about ShopSafe. It gives me great piece of mind for online purchases which I do often. I have limited my liability if CC gets stolen. A little more effort to visit the BoA site but for the few seconds, it is worth the piece of mind.

 

[thefinancebuff]

Discover no longer does this - the company that they contracted with to do it was bought out by some other company (this according to a customer service rep on the phone).

Do you know of a credit card that does do this?

Company Orbiscom was bought by Discover's competitor MasterCard. Citi and Bank of America are the two major issuers who use this technology. It used to have a Windows client. Recently B of A stopped offering it. You must log on to B of A and use the web/flash version. Not sure if it's the same at Citi.

MasterCard Acquires Orbiscom to Accelerate Development of Innovative Payment Solutions | MasterCard®

 

[fidler4]

ShopSafe at Bank of America. (Generated number has it's own limit and expiration. Also allows only one entity to charge to it.)

+1 on Shopsafe. I have been using it for years for my online purchases.


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[gauss]

An idea that I just implemented to avoid the problem of changing all the autopay card numbers due to a HomeDepot style breach is as follows:

- Get a credit card from Barclays such as the Barlcays Arrival + or Sallie Mae card
- request a 2nd card for an authorized signer, but instead of using your full name on the 2nd card, use your initials and your last name

You will then receive two cards on the same account that have 2 separate Master Card numbers. Use one card number for entering payment info for all of the autopay sites that you use. After this, put this card away and don't use it again. Use the 2nd card freely at retailers such as Home Depot. If the 2nd card is compromised by Home Depot or Target etc., the first number that was entered in all the autopay sites should still be uncompromised.

You could implement this strategy with any cards, but some card providers will not offer unique card numbers for cards that are part of the same account. This is the nice feature that Barclays brings to the table.

Note you will still need to change all your autopay entries when the card expires. If anyone knows of a card provider that issues long expirations (ie beyond 5 years), then this would be good information to share.

-gauss

 

[savory]

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

 

[jetpack]

The new Apple Pay with iPhones is like shopsafe. The store doesn't get your main credit card number. Works great for me in stores that accept it.


Sent from my iPhone using Early Retirement Forum

 

[thefinancebuff]

An idea that I just implemented to avoid the problem of changing all the autopay card numbers due to a HomeDepot style breach is as follows:

- Get a credit card from Barclays such as the Barlcays Arrival + or Sallie Mae card
- request a 2nd card for an authorized signer, but instead of using your full name on the 2nd card, use your initials and your last name

You will then receive two cards on the same account that have 2 separate Master Card numbers.

Sometimes. Many issuers just send you another card with the same number and a different name.

 

[aja8888]

CapitalOne issues one account cards with different numbers for authorized members.