SIBS International has partnered with PrepayGo Technologies to launch the SIBS virtual card solution to tackle ‘Card Not Present Fraud’ in Nigeria.
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The Central Bank of Nigeria has approved the implementation of the solution in banks across the country with a letter of no objection to both the companies, reported THISDAY Live.
The new service, known as the Virtual Proxy Card, will protect the physical credit card and avoid real card data exposure in the internet by generating a virtual card which will be automatically issued online by the bank and the customer will indicate the specific amount he needed for the transaction.
Adeyinka Adeyemi, director at PrepayGo Technologies, said: "The Virtual Proxy Card service is available for all real cards that work with all International Payment System (Mastercard, Visa). Subscription of the Virtual Proxy Card can be done on ATM, internet banking or other banking channels."
Peter Iwegbu, director at PrepayGo Technologies, said that the solution acts as a protection to the physical credit card, such that each time the customer wants to make any transaction, he generates virtual card, which will be automatically issued online by the bank and the customer will indicate the specific amount he needed for the transaction.
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By GlobalDataHe added that as soon as the transaction is done, the virtual card becomes invalid for subsequent use, because it is a single use card with 30 days validity.
