Update by user Nov 28, 2011
Since it\'s a been few years, I\'ll offer up an update on my continued experience with Shopsafe. If I give the number to a well established online business and know that I won\'t be using the virtual card again, I immediately close the number to and if it\'s been closed for a lenghty amount of time, an attempted rebill by that business will fail without generating a fraud alert. As such, I continue to use Shopsafe for those type of transactions (e.g. Apple iTunes) but attempt to use the Citibank program or a pre-paid credit card for transactions with businesses that are new, not well known, or of unknown or somewhat questionable reputation.
I still believe that the Shopsafe is broken because a transaction that is either over the customer designated limit of that virtual number or the virtual number is still open but expired, B of A will not automatically decline it as they should. Instead, it gets flagged and the customer is called to see if the charge is legit and assuming it\'s not, the result will be a closure of your real number and the the pain that entails.
However to be fair, B of A is among 2 or 3 banks that offer virtual numbers and I believe more banks don\'t offer it because it\'s too consumer friendly and the many businesses that offer on-going memberships or subscriptions with automatic re-bills loathe the virtual numbers for obvious reasons. This is probably why Paypal closed their virtual number program and Discover tried to close theirs as well but restarted it after customers complained. So I\'m not as \'pissed\' as I was before because the alternatives are very slim and I learned how to use Shopsafe with it\'s inherent deficiencies.
Original review posted by user Aug 17, 2008
Formerly an MBNA program, the Bank of America Shopsafe feature allows you to generate virtual credit card numbers that can be used to safely hide your real number along with setting a credit limit and expiration date for the virtual number. It worked great under MBNA but leave it to Bank of America to screw up a good thing.
Recently one of the virtual numbers that I used (and was expired) was stolen and thieves attempted to use it. The charges were denied of course, but B of A fraud dept calls up and asks if the charges were legit. I say no they weren't, and fraud department says they have to close my current credit card and issue a new one. What?!
So even though my real number was not compromised and the Shopsafe did it's function, my credit is turned off until a new card can be sent.
What kind of idiots do they have working at that place??