CreditShack.org

Whenever you use your credit card, there’s a small chance that someone will steal your card number. Your card or number can be physically stolen from your wallet, copied by a thieving employee, or stolen from a merchant’s customer database by hackers over the Internet. Thankfully, federal law limits your liability for credit card fraud to a maximum of $50. Some credit issuers, such as VISA, go beyond the federal requirement and limit your liability to $0. No matter how many plasma TVs the thief purchases with your card, your money is protected.

Your money may be safe, but your time is not. Credit card theft (and other types of identity theft) may take several hours of your time to resolve. You must call the credit card company to notify them of the card theft or unauthorized charges, write letters disputing the charges, and request that the credit bureaus place a fraud alert on your report. For many, dealing with card theft requires taking time off work, which could in lost income or vacation time. Remember the old adage: time is money.

You can reduce your risk of card theft online by using temporary single-use card numbers. Most credit card companies will issue temporary card numbers for online use that are valid for only one transaction. The temporary card number is linked to your credit card account, and works just like your normal credit card. However, once the temporary number is used, it expires. Even if the temporary card number falls into the thieving hands, it’s completely useless.

When you use a temporary card number, you need not worry about your credit card number being stolen. Temporary card numbers are accepted anywhere where your normal credit is accepted. Since they are only valid for one transaction, temporary card numbers cannot be used for recurring payments or for renting a car.

Check with your credit card company to see how you can employ single-use, temporary credit card numbers to increase online shopping security and to protect your time.