Standard Bank has launched a new virtual credit card with advanced security features. The bank promises a 100% credit card fraud protection guarantee for customers who use its virtual credit cards online or in mobile wallets.
According to statistics published by SABRIC, South Africa has seen a rise in online card fraud over the last few years. In 2023, industry online card fraud grew by 19% and accounted for 68% of total industry card fraud.
“We’re continually innovating to protect our customers and help safeguard their money,” says Tumelo Ramugondo, Standard Bank head of credit. “Our enhanced security features are specifically designed to significantly reduce the risk of online card fraud so you can shop with confidence and enjoy greater peace of mind knowing they are guaranteed a 100% refund.”
Standard Bank customers who are UCount members can now earn full rewards points when using the new virtual credit card, the same as with physical cards. The previous prepaid virtual card did not include this benefit. The new virtual credit card is compatible with multiple digital wallets, including Apple Pay, Samsung Pay, and Google Pay.
Fraud prevention features
The virtual credit card includes a distinct feature that lets clients see and control which retailers have saved their card details, from the app. The bank uses tools to screen retailers, giving users control over how and where their card is used, helping them detect suspicious activity early.
The card has a dynamic CVV (security code) that changes frequently and works for one transaction. This makes it difficult for customers to be targeted by fraudsters.
Customer experience
Standard Bank launched virtual cards several years ago, but these cards required pre-funding. As a result, many customers continued to use physical card details for online purchases or mobile wallets.
The new virtual credit card links directly to a customer’s credit card account, so funds do not need to be loaded in advance. Customers can create these virtual credit cards in the app. Standard Bank is preparing to launch virtual debit and Evolve cards, both with the same security features.
“Our virtual credit card puts you in control,” says Ramugondo. “You can easily view and manage which retailers have access to your card details, while a CVV that changes regularly adds an extra layer of protection against fraud.”