Virtual Bank Offers Disposable Debit Cards to Beat Fraud Anxiety

By Gary Cutlack on at

A modern digital bank that has no branches to close thinks it's on to an innovative winner that'll appeal to the fraud conscious, with financial startup Revolut about to launch a "disposable" single-use virtual debit card.

As in, when you want to pay for something, the bank's app generates a long number and the dates and special magic round-the-back mini code, then this once-only combination expires to never work again. Hence your details will never end up in a hacked database of stolen card numbers, and if they do, they won't work.

There are enough number combinations to keep this sustainable, they say, with co-founder Vlad Yatsenko explaining: "It will take approximately 800 years before we begin to run out of 16-digit card numbers, so we view disposable virtual cards as a sustainable, long-term solution to tackling online card fraud. And by automating this process, the customer experience is instant and stress-free."

Only it doesn't appear to be available to use just yet, as Revolut's site is currently majoring on how easy its app makes it for young people to do complicated things with dad's money while abroad. [Revolut via City AM]