The issue regarding credit card fraud has become more concerning as the intelligence of hackers has increased. A simple task such as online shopping can ruin one’s life and credit in a matter of seconds. While checking out, consumers are required to enter their credit card information in order to complete the payment method. In some of these cases, hackers are able to access this information allowing them to drain ones banking accounts. This has become a problematic issue for the cardholder, their bank, and the site that they purchased their items off of. Recently, the creation of new app called “Privacy” addresses this issue by helping to prevent and protect shopper’s payment information.
The most valuable feature of this app is the “virtual burner”, which is payment card numbers that expire after a single use. This eliminates the vulnerability of consumers where they do not need to reveal their true identities or payment information. How the app works is quite simple, after the user registers for the app they are able to retrieve a virtual card number when needed. In addition, one can also install a google chrome extension that lets them click an icon on the checkout page in order to generate their temporary number. These virtual card numbers are untraceable ensuring the security of their bank accounts. It is important to keep in mind that that Privacy can only generate up to 15numbers a day and caps at 30 per month.
During registration consumers must give their bank account information to Privacy, which then allows them to remove funds from the account after each purchase. Privacy has teamed up with major banks such as Bank of America, Chase, Citi, and Wells Fargo. The cost of downloading Privacy is free of cost but they are still able to profit from each transaction. They have a relationship with Visa that allows them to share interchange revenue with Visa and the issuing bank.
Even though the apps mission is to ensure the privacy of those who choose use their app, there is still much concern regarding it. The article addresses the fact that people have to be willing to give up their identity and bank information in order for the Privacy app to protect them. With everything in the tech world there is the concern of a potential breach in the system. This breach can give hackers access to all of Privacy’s users and cause major issues for both the company and their users. What the article fails to address is how the company plans to ensure the privacy of their users and if this were to happen how they plan to fix it quickly and effectively. With an app that is so new to the market users may be more reluctant to download it until they know that their information will be protected with the utmost security.
Regardless, I think the App is a great Idea and see it being a valuable component to online shoppers. As credit fraud continues to increase due to online shopping, it will continue to cost Us retailers billions of dollars. The app Privacy can potentially help solve this issue for cardholders and retailers across America.