Web: Revolut slashes fraud with disposable virtual cards

July 2018 by: From The Web

Digital banking startup Revolut is hailing its recent introduction of disposable virtual cards for online purchases, claiming a 30% reduction in card fraud cases.

In March Revolut began letting customers create disposable virtual cards in seconds, with card details that automatically regenerate after every transaction. This means that, even if the credentials of a large online retailer are compromised, customers are protected as their card details are no longer in existence. 

Nik Storonsky, CEO, Revolut, says: "The recent security breach at TicketMaster, where an unknown third-party managed to gain access to their customer’s personal information, was a sharp reminder to all of us here at Revolut as to why we prioritised the launch of disposable virtual cards."


Continue Reading: FinExtra