Just came across Privacy.com, and wondering what’s the point?
Basically you have disposable cards, and create a new card for each merchant, to minimise fraud. This is their pitch in four sentences:
Freeze cards and set spend limits. Take back control of your money.
Cards lock to merchants, making them useless to thieves and hackers.
Use fake billing details, and mask your purchases on your bank statement.
Delete cards anytime, and kiss forgotten subscriptions goodbye.
If you read through their site the focus on protection against fishy merchants, leaked card details and auto renewed subscriptions. But why?
- Fraudulent merchant: Chargeback takes care of that
- Card details leaked: Again, chargeback is your friend
- Auto-renewed subscription: There are two cases:
- I haven’t cancelled the sub: Just having a payment fail does not end my liability to pay (although the merchant may cancel the sub rather than try and collect the money by different means, of course).
- Merchant keeps debiting my card despite my cancellation: Chargeback is my friend again.
Sure, a chargeback can be a pain and take a while, as does getting a new card when your existing card details are stolen. But surely, dealing with chargebacks every once in a blue moon is still simpler than generating a new card for every freaking purchase?
Apart from using fake billing details (which may cause its own problems if you ever need to make a claim [warranty or otherwise] against the merchant) where does this help? Or is chargeback just not a thing in the US?
Does a similar thing exist in the UK?