You’ve just come home from a long day of work when suddenly, a notification lights up your phone.
“RMXXX has been charged to your credit card today, Please call XXXXXX if you did not perform this transaction”
You start to wonder what’s happening as you don’t remember using your credit card at all today. Moments later, you receive another similar notification with a different amount. Now you’re starting to panic.
Credit card theft is nothing new. A recent report on Malaysia by NordVPN found 22,504 credit card details being sold on the dark web for as low as RM30 each. Thankfully all credit card providers have 24 hour security services where you can seek support in cases like these.
Nevertheless, with cybersecurity threats ever present, it is time that credit cards keep up with the times. In line with this, Alliance Bank has introduced the Alliance Bank Visa Virtual, the first virtual credit card in Malaysia.
How Does the Alliance Bank Visa Virtual Work?
What is a virtual credit card? To put it simply, the Alliance Virtual credit card is one that functions within the allianceonline mobile app.
With this card, you’ll be able to enjoy enhanced security with the masking of your real credit card number. Instead of one number, the card generates a 16-digit card number for each transaction, which will be discarded after one-time use.
This generated 16-digit card number is only valid for 30 minutes and is therefore less likely to be stolen by fraudsters.
Use the card easily to make payments online, including for settling bills, ordering food, buying travel tickets, booking trips and making e-commerce purchases.
Now you can do all that without worrying about your card details being used irresponsibly by online platforms and vendors, as the card number you use for your purchase will no longer be valid after your transaction.
Added Benefits from Choosing the Alliance Visa Virtual
Apart from enhanced security for your online purchases, the Alliance Bank virtual credit card features many benefits for users. These benefits are meant to enhance your shopping experience, as well as allowing you to save on your finances.
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NO Annual Fees
Enjoy zero annual fees no matter how long you own the card. Alliance banks has waived the fees for life.
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8X Timeless Bonus for Online and eWallet spend
This attractive rewards system gives you Timeless Bonus Points (TBPs) every time you make a purchase online or spend on your eWallet. TBPs are a unique rewards system by Alliance Bank, wherein the points never expire and you can redeem your points whenever you want.
Your TBPs can be used to redeem rewards such as Air Miles, electrical appliances, vouchers and wellness products. There are currently more than a hundred rewards for you to choose from in Alliance Bank’s catalogue.
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1X Timeless Bonus Points for All Other Spends
No matter what you’re spending on, you can count on being rewarded for it in more ways than one.
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Timeless Bonus Points Never Expire
Accumulate them and redeem them for the rewards you want, whenever you want.
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Minimum Monthly Income RM2,000
Accessible to almost everyone, even fresh graduates and retirees.
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Seamless Card Management
Manage all your virtual credit cards easily on the allianceonline mobile app. Freeze, unfreeze and delete cards at any time. You can also change spending limits and set recurring virtual credit card payments. There’s no need to fill in forms or make a trip to your nearest bank branch any longer.
How to Apply for the Alliance Bank Visa Virtual
The steps to apply for this virtual credit card is pretty simple. It involves just three simple steps:
Step 1:
Download the allianceonline mobile application available on Google Play, the Apple app store and HuaWei AppGallery. If this is your first time using the app, do sign up for a new account, otherwise just log-in if you’re already using the app.
Step 2:
Click on the Virtual Credit Cards icon at the top right corner of the screen. You will then be prompted to enter your MyKad number, followed by some questions to determine your eligibility. Finally, you’ll be asked to enter an OTP for verification.
Step 3:
The next step involves submitting your personal and income documents. It will begin with having to choose which set of income documents you would like to submit. Alliance bank allows you to apply using your EPF records and pay slip, or with income tax records and pay slip.
The personal documents submission step begins with you having to scan the front and back of your myKad, followed by having to fill in a personal information form and declaration. The final step requires you to sign the form, and then submit your income documents such as pay slip, EPF statements or Borang BE from Lembaga Hasil Dalam Negeri.
How do I Use the Alliance Bank Visa Virtual?
There are two ways in which you can use this virtual card for enhanced security online. The first involves creating a one-time card number which can be used for online purchases.
The second is to create a subscription card which can be managed to make recurring payments. The app allows you to personalize your subscription card, and you can apply for multiple subscription cards at once.
If you notice any unusual activity on any of your subscription cards, you can freeze them immediately using options in the app too.
In Conclusion
The digital world is progressing at an unprecedented pace. Alongside technological advances, however, we are also met with a growing number of cybercrime. As such, it would be wise to explore and understand the best ways in which we can better protect ourselves.
Here is a revolutionary credit card that circumnavigates cyber threats. It allows you to secure all your online transactions in a sustainable and convenient manner. The future of finance and banking is definitely here, embodied by the Alliance Bank Visa Virtual.
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