Two security and privacy-based companies are working together to make online payments faster and safer. 1Password Password Manager and Virtual Card Platform Privacy.com has announced an API integration that allows users to create virtual cards in their browser quickly and securely when making a payment.
The FTC reports that credit card fraud is by far the most common type of identity theft, occurring in 41.8% of all identity theft reports. According to Javelin Strategy & Research, which advises card issuers on security banks, merchants and cardholders lost a total of $ 16.9 billion in 2019 due to credit and debit card fraud.
Privacy.com virtual cards mean that users never have to share their credit or debit card information online, helping to protect both their money and their identity. Starting today, users can create, use and save Privacy Cards directly within their 1Password extension whenever they need them.
All virtual cards created in 1Password will have the same security benefits as other Privacy Cards: users can set monthly or annual spending limits, create single-use or merchant-blocked cards, and pause or reactivate cards whenever they want.
“Partnering with Privacy.com is a breeze for 1Password,” said Jeff Shiner, CEO of 1Password. “We share a total commitment to online security and privacy and our goals couldn’t be more aligned. These are new features for both password managers and payment services and I know both teams are thrilled to offer these new ones. functionality to our customers.
“What I’m happiest about is that this helps everyone, from our family customers to the largest companies. With the integration of Privacy.com for 1Password, you can make online payments with greater security and privacy, whoever you are. “
“This is the first time that users will be able to generate virtual cards directly within their password manager, reducing the number of steps required to secure their payment credentials,” said Bo Jiang, CEO of Privacy. “This simple and seamless integration demonstrates the breadth and power of both of our APIs.”
Benefits for the user of 1Password’s partnership with Privacy.com
- Easily create new Privacy.com virtual cards. When users are asked to enter a card number on a supplier’s site, 1Password will give the option to create and name a virtual card instead.
- Set spending limits. While creating the card, users can set spending limits for a one-time payment, monthly or annual limits, or a total amount. In addition to limiting business expenses, consumers can, for example, create a “Spotify” card for monthly subscription payments or an “Amazon” card with a spending cap.
- Unique cards for each merchant. Cards can only be used at a single site or service, so if card details are ever exposed in a data breach, they can’t be used elsewhere.
- Save your card details in 1Password. When creating a card, users will have the option to save it in 1Password. So when it’s time to enter payment details, 1Password will show users all the cards associated with that particular website. It’s also a quick and easy way to get a CVV number when needed.
- Business grade. Together, 1Password’s enterprise password manager (EPM) and Privacy.com now offer businesses greater security and financial control.
By restricting cards to vendors and setting spending limits on those cards, users are better protected from online fraud, data breaches, excessive fees, and subscription scams. If the card details were ever exposed in a website data breach, the card would be immediately blocked if used elsewhere.
Meanwhile, companies benefit from virtual cards for a variety of activities, from managing and tracking supplier transactions to setting spending limits on employee expense accounts.
The service and integration will initially be available in the United States. To get started, users can configure the integration from the Privacy.com settings. It is available immediately in 1Password’s browser app, 1Pasword X, with support in the upcoming 1Password Safari extension.