While the advent of information technology in conjunction with credit cards has made the life very convenient as any thing can be obtained at the click of a mouse, it has also increased the susceptibility towards frauds as well. The fraudsters after taking the cards and the PIN numbers do online transactions and lead to a situation of despair for many of us. There was an apprehension that with the intensity of online frauds increasing the luxury of conducting all the business related and personal transactions from the comfort of home may become a thing of the past. But it has not happened like that. After all, the creator is one step ahead than the destroyer. The lucrative business proposition that the credit card companies have created for themselves could not be allowed to die a slow death. So, the panacea was found in the virtual world itself, and the genie unplugged out of the bottle was Virtual Credit Cards. What is a virtual credit card?
A virtual credit card is a card that exists in a virtual world. It does not have any physical shape or size. The validity of the card is also transaction limited. The card has come into vogue so that the transactions can be done in...