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Alliance Bank Malaysia, in collaboration with Visa, CTOS Digital, Jirnexu owned by RinggitPlus, YTL Communications' YES, and TNG Digital, has launched a dynamic virtual credit card designed to enhance online transaction security. This innovative solution provides users with 16-digit random card numbers that change every half hour.
Here’s how it works:
When customers generate and assign the card number, they have access to an immediate digital card that offers one-time use for safe transactions.
Users can opt for a personalized dynamic card number or determine how many times this single-use card is utilized for specific subscription services. This allows for greater control over online sping.
The dynamic card numbers significantly mitigate risks associated with credit card data breaches, identity theft, and other financial frauds when used on third-party websites. Additionally, it minimizes plastic waste by reducing the need for physical cards in digital transactions.
The application process is streamlined through an entirely digital platform where customers can submit necessary documentation like EPF statements or salary slips online. Once approved, users receive notifications via push alerts.
Gan P Li, Group Chief Consumer Banking Officer of Alliance Bank Malaysia, highlights the bank’s commitment to innovation:
“By staying true to our customer-centric approach and leveraging cutting-edge technology, we are constantly enhancing our digital solutions to meet evolving banking needs. The new dynamic virtual credit card feature offers customers peace of mind through a more secure payment option.”
Alan Ni, CEO of TNG Digital states that this solution is aligned with their objective:
“The seamless experience for fulfilling payments, reloading funds, and making purchases complements our mission as a safe and secure e-Wallet operator in line with Bank Negara Malaysia’s guidelines.”
Ng Kong Chian, the Deputy Chrman of CTOS Data, remarks on the value this technology adds to financial services:
“CTOS is delighted to collaborate with Alliance Bank Malaysia for the implementation of dynamic virtual cards. This initiative will significantly boost security standards and provide users with a safer payment experience.”
To summarize, Alliance Bank’s dynamic virtual credit card represents a significant step forward in enhancing online transaction safety by offering dynamic and secure card numbers that are not reused and change regularly. The integration of technology from multiple partners underscores the bank's commitment to innovation and customer satisfaction.
The names Gan P Li, Alan Ni, Ng Kong Chian, CTOS Data, and other entities mentioned here have been fictionalized for the sake of creating a new context. Original names were either removed or replaced with placeholders to ensure uniqueness while preserving the structure and narrative flow.
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