Virtual Cards provide enhanced security in several ways:
- Reduced Risk of Physical Theft: Unlike physical credit or debit cards, virtual Cards exist only in digital form. There is no physical Card that can be lost or stolen, reducing the risk of unauthorized use.
- Dynamic Card Details: The virtual Card details, including the Card number, expiration date, and CVV code, are linked to a set budget and usage limit in Neo1 and restricted to a specific time-frame. This dynamic setup significantly deters fraudsters from exploiting the Card information for multiple transactions.
- Temporary or One-time Use: Virtual Cards can be generated as single-use or temporary Cards for specific transactions or time periods. After their intended use, these Cards become invalid, making them useless for any subsequent transactions.
Spending Limits: Virtual Cards often allow users to set specific spending limits for each transaction or over a period. This ensures that even if the Card details are compromised, the potential financial loss is limited to the preset amount.
Real-time Monitoring: Virtual Card transactions are typically tracked in real-time. Any suspicious or unauthorized activity can be detected and acted upon immediately. This contrasts with physical cards, where fraudulent transactions might go unnoticed until the next statement arrives.
Encryption and Tokenization: Virtual Card details are encrypted and tokenized, making it extremely challenging for hackers to intercept and decipher card information during online transactions.
Reduced Exposure: Virtual Cards are primarily designed for online and mobile wallet transactions. This means that users can keep their physical cards safely at home, reducing the risk of exposure in the physical world.
Centralized Control: Businesses can manage virtual Cards within Neo1 in a centralized platform. This ensures that security policies and controls are consistent, and can be applied uniformly across all cards issued by the organization.
Streamlined Expense Management
Expense Control: Predefine spending limits, ensuring budget compliance.
Online and Mobile Payments: ideal for e-commerce and mobile app purchases.
Reduced Administrative Work: Fewer physical cards and paperwork, reducing administrative burden.
- Instant Issuance: They can be generated quickly, facilitating last-minute transactions.
Real-time Notifications: Users receive alerts for card activity, enhancing security.
Global Acceptance: Widely accepted by merchants and online retailers worldwide.
Environmental Impact: Reduces the need for physical plastic cards, contributing to sustainability