Standard Bank Launches Virtual Credit Card With 100% Fraud Refund Guarantee

Standard Bank has unveiled its new Virtual Credit Card in response to growing threats from cybercriminals targeting South Africans. Data from the South African Banking Risk Information Centre (Sabric) shows that online fraud is on the rise, with industry card fraud growing 19% in 2023 and making up 68% of all card fraud cases.

“We’re continually innovating to protect our customers and help safeguard their money,” said Tumelo Ramugondo, head of credit at Standard Bank.

The bank has introduced a 100% Credit Card Fraud Protection Promise, giving customers peace of mind that if their virtual card is compromised, they will receive a full refund—provided certain conditions are met.

How Standard Bank’s Virtual Credit Card Protects Customers

The Virtual Credit Card comes with a host of advanced security tools:

Dynamic CVV: A card verification code that changes frequently and only works for one transaction.

Merchant Screening: Innovative monitoring that alerts users to suspicious activity.

App Control: Customers can track and manage where their card details are saved.

Seamless Integration: Compatible with Apple Pay, Samsung Pay, and Google Pay.

To qualify for a full refund in the event of fraud, customers must not have authorised the transaction, ensure the transaction did not originate from a trusted device on their banking profile, report fraud within two business days, and disable online transactions on their physical card.

“Our enhanced security features are specifically designed to significantly reduce the risk of online fraud so you can shop with confidence,” Ramugondo added.

More Benefits for Customers: Rewards and Convenience

Unlike its predecessor, which required customers to preload funds, the new card is directly linked to a customer’s credit account, removing the need for pre-funding. This shift makes it more seamless and practical for everyday use.

Standard Bank UCount Rewards members can also earn full rewards points when using the virtual credit card—a notable upgrade from the previous prepaid version.

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“Furthermore, the new virtual credit card is compatible with multiple digital wallets, including Apple Pay, Samsung Pay, and Google Pay,” the bank said.

Standard Bank has also announced plans to roll out virtual debit and evolve cards, offering the same advanced fraud protection features.

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