STANDARD BANK STRENGTHENS SECURITY AND LAUNCHES ZERO-FRAUD LIABILITY VIRTUAL CARD

Standard Bank has launched a new Virtual Credit Card with advanced security features. The bank is so confident in these security features that it has made a 100% Credit Card Fraud Protection Promise to customers who use these 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 was growing at 19% and contributed 68% of total industry card fraud. 

“We’re continually innovating to protect our customers and help safeguard their money. 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 areguaranteed a 100% refund,” says Tumelo Ramugondo, Head of Credit at Standard Bank.

Standard Bank customers who are UCount members will now earn full rewards points when using the new Virtual Credit Card, just like when they are using their physical cards. This marks a significant change, as the previous prepaid virtual card did not offer this benefit. Furthermore, 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 unique feature that lets clients see and control which retailers have saved their card details, right from the app. The bank uses innovative tools to screen retailers, giving users more control over how and where their card is used, helping them detect suspicious activity early. Additionally, the card has a dynamic CVV (the security code) that changes frequently and works for just one transaction, making it more difficult for our customers to be targeted by fraudsters.

A More Seamless Customer Experience

Although Standard Bank introduced virtual cards several years ago, they had to be pre-funded. As a result, many customers still used physical card details for online purchases or mobile wallets.

The new virtual credit card addresses this challenge by linking directly to a customer’s credit card account, removing the need to load money in advance. Customers can create these Virtual Credit Cards in the app. Standard Bank is also preparing to launch virtual Debit and Evolve cards, both equipped with the same advanced security features.

“Our Virtual Credit Card puts you in control. 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.”