Standard Bank has unveiled a new Virtual Credit Card in South Africa, promising customers a 100 per cent refund if the card is ever used fraudulently.
The bank announced the launch as part of its efforts to curb rising digital fraud, which has grown sharply in recent years.
Backed by advanced safety features and stricter customer controls, the new card is being positioned as one of the most secure digital payment options available in the country.
Virtual Credit Card security features in South Africa
The Virtual Credit Card is designed to give customers more control and peace of mind when shopping online or using mobile wallets such as Apple Pay, Samsung Pay, and Google Pay.
RelatedPosts
One standout feature is the ability to view and manage which retailers can access your card details directly from the Standard Bank app. This allows users to track saved card information and spot suspicious activity early.
Another layer of protection comes from a dynamic CVV number that changes regularly and only works for a single transaction. While this means customers will need to log into the app more often to confirm their CVV, it adds a barrier that makes it far more challenging for fraudsters to exploit stolen details.
According to the bank, these features are specifically designed to cut down online card fraud risks, contributing nearly 70 per cent of total banking card fraud in South Africa in 2023.
How Standard Bank 100 percent fraud refund works
Standard Bank’s 100 percent fraud protection promise is an industry-first, but it comes with specific conditions customers must follow to qualify.
A refund will only be issued if the customer did not authorise the transaction, the transaction did not come from a trusted device linked to their profile, the fraud is reported within two business days, and online transactions on the physical card have been turned off.
If a customer’s smartphone, considered a trusted device, is stolen and used to make purchases, the refund guarantee may not apply.
The bank stresses that while offering strong protection, users are still responsible for safeguarding their details.
Transactions with a customer’s stored information will be processed as if the customer made them, highlighting the importance of following security guidelines.
Rewards and future expansion of Standard Bank Virtual Cards
Alongside the security upgrades, Standard Bank has added more customer benefits. The UCount rewards programme members can now earn full points using their Virtual Credit Card, a perk unavailable on the older card version.
Previously, the system required customers to preload money onto a prepaid card, but the new Virtual Credit Card links directly to a customer’s existing credit card account, offering real-time access to funds.
The bank has also confirmed plans to roll out virtual debit and Evolve cards with the same safety features, though no launch date has been provided yet. By removing the pre-funding requirement and expanding compatibility with digital wallets, Standard Bank says it creates a more seamless customer experience while boosting security.
As online fraud continues to rise across South Africa, Standard Bank’s move signals a bold step in digital banking security. With stronger controls, a changing CVV, and the promise of a full refund under certain conditions, the Virtual Credit Card aims to restore customer confidence in digital payments and set a new benchmark for fraud protection in the country.
Click here for the Virtual Credit Card FAQs