Read more: Could decentralised identities stop cybersecurity breaches? What is the risk associated with digital payments? With a focus on protecting users’ data online, we recently asked two UNSW Sydney experts to explore the pros and cons of virtual credit cards and their likely proliferation across the country. For example, some say virtual credit cards offer an added layer of security for online shoppers, and in Australia, they have become increasingly popular. Following Latitude’s subsequent exit from the Australian market, it’s important to consider what safe digital payment solutions currently exist for online shoppers. Latitude Financial is the latest big company to announce a cyberattack that exposed the data of 14 million customers. However, more protections are needed across all areas of business, and reducing the impact of identity fraud on consumers will require a significant and collaborative effort between governments and industries. Following last year’s Optus attack, the industry has welcomed recent changes to Australia’s Telecommunications Regulations, allowing companies to share customer data with financial institutions to prevent fraud. With credit card fraud and data breaches on the rise, consumers have grown wary of sharing personal and financial information online. While virtual credit cards are gaining popularity thanks to their added layer of security and ability to protect user data online, they also have limitations
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