Alliance Bank Malaysia Berhad has introduced a Dynamic Card Number system in its Alliance Bank Visa Virtual Credit Card in an effort to enhance the security aspects of the cards.
In partnership with Visa Malaysia, CTOS Digital Berhad, Jirnexu, YTL Communications, and Touch ‘N’ Go Digital this new payment solution will make online transactions more secure and will also greatly enhance the overall experience for credit cardholders it said in a statement.
The enhanced feature generates a randomised 16-digit credit card number for every transaction which includes e-commerce transactions, streaming, and subscription services. The single-use Dynamic Card Number offers a more secure and safer way of making daily purchases and minimises the customers’ exposure to fraudulent risks, identity thefts, and other financial scams.
Customers also have the flexibility to determine a dedicated Dynamic Card Number as well as the number of times it can be used for a particular subscription service. This enables customers to track and manage their digital transactions on-the-go more conveniently and securely via their mobile phones.
“The new feature on the Alliance Bank Visa Virtual Credit Card provides our customers with greater peace of mind by way of a more secure payment option, addressing concerns of credit card data breach at third party sites when they transact online,” said Ms Gan Pai Li, Group Chief Consumer Banking Officer of Alliance Bank.
With Malaysia recording 154 data breaches per 100 people in 2022 according to Surfshark, the introduction of the Dynamic Card Number aims to meet the market needs of more personalised and safe mode of payment for goods and services, especially among young professionals.
