Spend

An easy way to securely spend: One’s virtual cards

Credit card theft has been the leading type of identity theft in four of the past five years with reports up 44.6% from 2019 to 2020 according to the Federal Trade Commission’s Annual Data Book of 2020. An alarming four hundred thousand credit card frauds were reported in 2020, with the highest cases reported in people between thirty to thirty-nine. With the rising number of fraud cases, it’s more important than ever to use all the security tools available to keep your hard-earned money safe. One offers a unique security feature that can help combat your fraud risk. If you haven’t been using virtual cards already, keep reading to get a crash course on what they are and why you need to start using yours today.

 

What is a virtual card?

A virtual card acts like a security buffer between your One account and a merchant. Each card has a randomly generated 16-digit card number that is unique to each Pocket. The virtual card number allows you to make an online purchase only associated with an individual Pocket. This helps minimize the risk of exposing your primary One account information to an online merchant or service provider if they ever have a security breach.

 

Are there any fees to create a virtual credit card?

No! One does not charge any fees to use or create virtual cards. Some providers may charge fees or monthly subscriptions, but One’s virtual cards are free.

 

 

The benefits of paying with a virtual card

Virtual cards add a security layer that can help keep your Pockets extra secure while paying recurring bills or making an online payment.

 

Safer online shopping

Virtual cards help protect your personal information online. Unfortunately, even the most secure, well-known websites have had security breaches. If you use the same physical card number across dozens of online vendors, you open yourself to more risk potential. By switching to a virtual card, you can help limit your exposure, and if a breach does happen, just quickly delete the individual virtual card from your Pocket and create a new one.

 

Monitor subscriptions

If you’re currently enrolled in any subscription services, it might be time to switch to a virtual card payment method. Subscriptions can quickly get out of control, especially when you’ve signed up for free trials or discounted promotional periods. When you create a dedicated Pocket with a unique virtual card to pay each of your subscriptions, you’ll have an extra layer of protection against overcharges or getting the run around when trying to cancel the service. Just one tap, then you’ll delete the card associated with the subscription.

 

How do I create a One virtual credit card?

It takes just a few taps to create another layer of security in your Pockets. 

  1. Log in to your One account.
  2. Tap on a Pocket.
    Note: Virtual cards are not available in the Save or Auto-Save Pocket. 
  3. Tap on the three stacked dots in the upper right corner.
  4. Scroll down then tap “Create” next to “Virtual Card.”
  5. Tap “Show details” to view your Pocket’s unique virtual card information.

 

How do I delete a virtual card?

It’s easy to delete a virtual card quickly. However, once a virtual card is deleted, you will no longer be able to use that unique information to make a payment.

  1. Log in to your One account. 
  2. Tap on the Pocket you’d like to delete the virtual card from.
  3. Tap on the three stacked dots in the upper right corner.
  4. Scroll down then tap “Delete” next to “Virtual Card.”

 


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