In recent times, there has been an unfortunate flurry of financial fraud cases such as scams, security breaches, unauthorised access to bank accounts and unauthorised credit card transactions. It was recently reported that losses from financial scams totalled RM39 million from October 2022 to January 2023, based on over 16,000 contacts to the National Scam Response Centre (NSRC).

With more and more transactions now available online, payments have become more convenient but at the same time increases the risks of fraudulent activities due to security breaches. Financial institutions play a critical role in cyber and financial security to provide a secured environment for financial transactions. Given how serious matters have gotten, it is not surprising that a bank’s or financial institution’s approach to combat financial crimes influences users’ choices. 

In trying to keep our data safe, Malaysians are actively finding ways to improve their financial security to avoid falling victim to these crimes.

Meet The Safest Credit Card You Didn’t Know You Needed

The all-new Alliance Bank Visa Virtual Credit Card is one that can mitigate various safety concerns that everyday users may have. This card has evolved from the ways of traditional credit cards, empowering users with modern features that give greater control as well as convenience. On top of that, there are additional layers of security that further reduces the risk of financial fraud.

Alliance Bank Visa Virtual Credit Card is Malaysia’s first credit card to offer a unique Dynamic Card Number (DCN) feature. Let’s dive deeper into what this means.

A Feature That Significantly Lowers The Risk Of Financial Fraud

The traditional credit card (or debit card, for that matter) comes with a sequence of 16 to 19 digits embossed on it. When making a purchase, the card number acts as an identifier that provides information, such as the bank provider and account holder, to the merchant.

When this number, paired with other details such as the security number, falls into the wrong hands, the account holder may become a victim of a financial crime.

Alliance Bank Visa Virtual Credit Card offers cardholders a much safer way of making payments through its Dynamic Card Number feature. It can generate a random 16-digit number which lasts only for 30 minutes to provide an added layer of security that cancels automatically after it is used. This can protect your identity if you are frequently making online payments to different merchants.

Generate One-Time Card Numbers or Card Numbers For Recurring Payments

By accessing the allianceonline mobile app, cardholders can generate a random card number for one-time payments, as mentioned above. This will come in handy when you make one-off purchases such as your groceries, petrol, meals, and others. 

Each card number will last 30 minutes and the cardholder will not be charged for generating a new one each time. However, the app will display a warning if the user continuously generates the card number without purpose or usage. 

So how about recurring expenses? We all have subscriptions and utility bills that we pay for on a monthly basis. The Alliance Bank Visa Virtual Credit Card will work for those payments too. 

When you create a card number on the app, you could select ‘Subscription’ instead of ‘one-time’ and set a personalised limit and expiry date for each virtual card. For example, you could set up a virtual card for your streaming service that lasts for 6 months and has a monthly limit of RM50. 

Each card number generated is free and isn’t chargeable. You will only be charged an SST fee of RM25 on a yearly basis regardless of how many virtual cards you decide to create.

Freeze/ Unfreeze Your Card Or Delete It In Just A Few Taps

If, in any case, you notice any suspicious activities with your Alliance Bank Visa Virtual Credit Card, you could temporarily block all transactions charged by freezing the card on the app. You may also unfreeze the card without going through the hassle of calling customer service and waiting for the bank to take the necessary actions. Instead, you can have it done immediately on your own.

For cards that are no longer in use, you could delete it and it will be removed from your app. To use a new card number, simply generate a new one to make a transaction.

Apply & You Could Walk Home With A Double Cashback Reward

Sign up for the Alliance Bank Visa Virtual Credit Card and you could take home RM1000 Touch ‘n Go eWallet Credit on top of a guaranteed gift of RM200 Touch ‘n Go eWallet Credit.

Just apply using the code “RPVCC”, get approved, and activate your Virtual Credit Card to be among the lucky winners!

Terms & Conditions apply.

Sign up for the all-new Alliance Bank Visa Virtual Credit Card to enjoy a safer and more personalised banking experience. Click here to begin your application journey.

• TAGS:
• Alliance Bank
• Alliance Bank Visa Virtual Credit Card
• Dynamic Card Number (DCN)
• Reward