Sunday 23 September 2018

Fintech startup Revolut to tackle online card fraud with new virtual card offering

Revolut
Revolut
Louise Kelly

Louise Kelly

Fintech startup Revolut is expanding its product offering yet again, this time with an ambition to tackle online card fraud.

The London-based industry disruptor, which boasts 75,000 Irish users, is offering customers the option of paying online with disposable virtual cards.

The virtual cards, which can be created in seconds, have their details automatically regenerated after every transaction.

"While fintechs generally offer a better service than traditional banks, they still have a long way to go in order to build trust and confidence with consumers," Vlad Yatsenko, co-founder & Chief Technology Officer (CTO) at Revolut said.

"Instead of matching what the larger institutions are doing, we are changing the game entirely by introducing disposable virtual cards and promoting existing features."

Revolut maintain that their new product offers customers an additional layer of security while purchasing goods and services online.

Other bespoke security features from the online bank includes location-based security, the ability to freeze and unfreeze physical cards - and disable functions such as contactless and swipe payments.

"It will take approximately 800 years before we begin to run out of 16-digit card numbers, so we view disposable virtual cards as a sustainable, long-term solution to tackling online card fraud," said Mr Yatsenko.

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