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Credit card alternatives

Blog: What's Going On?
Posted by: Current Affairs Blog Monday 5th March 2007, 1:23pm

Online fraud

Hope you all had a good weekend, despite the weather, though the clouds cleared in time to watch the 'eclipse', which had the added benefit of being able to see even more stars than normal.

Having been the victim of credit card fraud (see previous blogs), though my bank picked it up straight away and stopped me being ripped off, I have been looking for an alternative to using my credit card online.

Paul (the frustrated businessman) suggested using prepaid mastercards, which allows you to limit any possible damage, as you can only lose the amount you have placed (at that time) on your card.

I also went to moneysavingexpert.com to see if there was any advice/options. He mentions 'webcard' by Cahoot. This is a virtual credit card, which again you transfer money to, the twist being that you don't acutally have a card. You click on the icon on your taskbar, fill in the details (it can also autofill common details), and then it generates a credit card number!!. This number is only valid for that online transaction and the amount you set ie you round up to the nearest pound - so if someone does hack in, they can only spend pennies!!

You do need to have an account with Cahoot to make use of this facility, and he does suggest that you keep a small balance in the account.

Has anybody already made use of this 'webcard'?

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