US-based fintech startup Privacy.com has introduced a free app that generates virtual debit cards for online transactions.
The app, available for Apple iOS and Google Chrome, will enable users to develop ‘burner’ cards with one click, which terminate after one transaction or merchant-specific cards for recurring transactions.
The company said that to sign up, users need to register and then link their online bank account. There is no pre-loading of funds required and the service can be used anywhere Visa cards are accepted.
Two-factor authentication is built in for an extra layer of security, the company added.
Privacy CEO and founder Bo Jiang said: "We minimize your risk of fraud and identity theft by creating virtual burner cards. Our software is incredibly easy to use. We put people back in control of their personal and financial information."
The firm is backed by the former chief privacy officer of American Express and President Obama’s former deputy chief of staff, and has raised $1.2m in seed funding.