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1Password Introduces New 'Virtual Cards' for Safer Online Payments, Coming Soon as Safari Extension

Brighton Billy said:
To anyone that's used both, how does 1password compare to Lastpass ? Better ?
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Both are excellent options, and you'll be happy with ether :)
I use 1Password, and have compared functions with friends with LastPass, and if I had to change from 1P, LP would be my preffered alternative.
 
Brighton Billy said:
Ya i dont see the need to pay for a password manager. Lastpass is pretty good so far.
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Don't you use 2FA TOTP codes? Even Bitwarden now charges as well.
LaGuarpe said:
Both are excellent options, and you'll be happy with ether :)
I use 1Password, and have compared functions with friends with LastPass, and if I had to change from 1P, LP would be my preffered alternative.
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I've tried to move away (to see if the grass is greener...), but much prefer how 1Password has integrated and their browser extensions and general user interface. Yes on paper the features are the same, in actual usage the experience is very different. Especially the TOTP integration.
 
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- rob - said:
This should be offered by the card companies themselves.
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Discover used to have it. They killed it many years ago, supposedly because their fraud detection had gotten so much better that it wasn't needed any more.

Spoiler: It hadn't, and it still was.
 
- rob - said:
This should be offered by the card companies themselves.
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One-time virtal card yep.. I think some banks did do this, but not sure if it was poplar... Perhaps they saw as "better" if other companies did that, thereby undermining your privacy ..

Ideally 1Passord could still do this.... and others.... WHats wrong with competition? But i dunno why banks don't offer it globally..
 
Tech198 said:
One-time virtal card yep.. I think some banks did do this, but not sure if it was poplar... Perhaps they saw as "better" if other companies did that, thereby undermining your privacy ..

Ideally 1Passord could still do this.... and others.... WHats wrong with competition? But i dunno why banks don't offer it globally..
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The problem isn’t competition, the problem from a consumer protection and data protection perspective is having multiple data processors in between. This can put you in a weakened position when things go wrong compared to the protection of Credit Card company as enshrined in law. Well in some jurisdictions :)

So when multiple card providers do that great, when intermediates pop up who you pay and then they pay who you think you are buying from that is not so great.

But yes, I love my virtual disposable card. I use it where ever I can for online transactions unless it is really trusted store, than I go for the convenience of having direct access to my card without having to look up the details and enter them.
 
ispcolohost said:
I can tell you why card issuers stopped doing this; nearly every step of the payment path makes money on fraud, so their intent is to make it sound like they want to stop fraud, while really wanting it to continue. They also derive no financial benefit from the overhead of developing and supporting a one time card technology; i.e. doesn't help the bottom line or stock price if their customers are getting ripped off.

Here's how it works. Criminal obtains a stolen card and places an order on website XYZ. That website uses a payment processor, who is responsible for taking the card from website software to payment network, and possibly doing things like address validation, CVV check, etc. They charge a transaction fee for this, perhaps 5 to 25 cents depending on volume. Maybe the website owner has some add-on services like "anti-fraud" filters, which add an additional few cents to the transaction fee. Typically, if the transaction had been declined because it was a one time use credit card that was no longer valid, the fee would not be assessed. So, first entity involved would lose money by stopping fraud.

Moving on; fraudulent charge is allowed to go through. Now the payment network gets a taste; this would be larger behind the scenes entities. They'll make a small percentage on the transaction.

Finally, the business owner's merchant account, the card issuer, and Visa/MC all get their taste. You'll typically pay the largest of the fees to your merchant account, the one who's handling the actual moving of money. They'll take a couple percent; perhaps less than 2% for a large company, or as much as 2.7-4% as a small biz. Now, if the shopper used a rewards card, the card issuer and Visa/MC tack on some additional basis points, because rewards aren't free, the sellers actually pay for your rewards by way of higher fees they can't escape, since they aren't allowed to not accept rewards cards.

Merchant now ships your product if it goes out the door before the cardholder realizes their card has been used. Card holder later realizes the fraud has occurred, disputes the charge.

Here's where it gets even better. The merchant account provider + Visa/MC charge the merchant a fee for the privilege of having been ripped off and having a chargeback. They will immediately deduct the disputed amount from the merchant's account, hit them with a $10-20 or even $30 chargeback fee, and ask for documentation proving the cardholder agreed to the charge, which is of course impossible with internet transactions unless you did some kind of really expensive identity validation where that third party validates and guarantees the identity. So now you've lost your merchandise, you've been charged a fee for getting ripped off, and on top of all that, they still keep the transaction fees. In some cases, they may even keep some portion of the merchant account percentage fee, for money they've taken back; the smaller the business, the less leverage they have over this racket.

There is an exception to the above; Amex doesn't charge the chargeback fee, nor do they typically take the money away during the dispute. They open an 'inquiry' and you only lose the money when you can't demonstrate the cardholder agreed to the charge, but no fee is assessed. Why? Because they charge much higher transaction fees, which is why most businesses hate to accept Amex, but begrudgingly do because it's better than turning away the business. You'll still get hit with the validation and address check fees though, via the party connecting your web store to your Amex merchant account.

I think the only reason Capital One still offers their Chrome browser plugin solution for this is because they realized some people actually care about fraud and perhaps it gives them a competitive advantage given every other card issuer has abandoned the technology. I used to use both BofA and Amex for this but they stopped doing it 5+ years ago, maybe even ten. I ultimately lost access to the Cap One solution because it was tied to my Savor card (restaurant benefits), and given I haven't dined out in six months thanks to covid, when I called to convert to the no-fee version of the card and they said no, I closed the account.
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Wow. This is absolutely fascinating! Thank you!
 
nutmac said:
I value my cashback reward from my credit card more. Hopefully, Privacy.com will add credit card soon.
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I only use it on sites I don't trust or only plan to use once or twice. Or for whatever random payment system that some restaurants use (but we don't eat out much). For everything else I use rewards cards like Amazon and Apple.
 
LaGuarpe said:
Both are excellent options, and you'll be happy with ether :)
I use 1Password, and have compared functions with friends with LastPass, and if I had to change from 1P, LP would be my preffered alternative.
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I use LastPass mainly for the interface and multiple device support (it also has 2FA). I tried exporting my data to Bitwarden as a backup, but they're not very compatible. I'll stick to LP and buy a subscription, as now they charge for password leaks reports.
 
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