Should I trust my child with my credit card online?

It’s an unpleasant thought that your own offspring might be the reason your credit card details are harvested, or that they’d abuse your generosity – but considering card payments constituted 61percent, if all payment transactions in 2016 and card fraud is on the rise, not an impossible one. The South African Banking Risk and Information Centre (SABRCI) reports the banking industry’s gross fraud losses has increased by 13percent in 2016, to around R374m.

The risk of credit card fraud when using your card online has reached an all-time high.

Online card payments are fast becoming as accessible and widely used as offline. Beyond the context of shoes, food or flowers, transactions like loading purchasing data and monthly bill payments are completed online. For students, it might be loading printing credit at university or ordering textbooks. Like it or not, the time will come (sooner than you think) when your teen must complete a payment online, mostly likely with your card.

The likelihood is that your inexperienced teen may unintentionally and unwittingly enter your card details into an unsecured payment gateway or website. Or complete a purchase on an international site with exorbitant delivery fees bolted onto the original price. Pure naïveté is often the reason for a well-intentioned purchase going horribly wrong. Or the less pleasant possibility that they keep and re-use your card details.

Another growing area of concern for parents of children who are rapidly becoming card savvy is the possibility of youngsters amassing credit card bills they can’t pay. The attractive ‘minimum repayment amount’ lures young adults into opening credit cards. Combine this with the fact that many payments online can be made exclusively with a credit card, and it’s easy to see why.

What’s a parent to do? Excluding your offspring from participating in the online card payments space is unrealistic. Until they’re financially established in their personal capacity with an understanding of credit and how it works, there’s been an elegant solution missed. A way for parents to allow their children to participate in the world of online payments – without the risk of broken trust, card fraud or debt.

FinTech innovator WIZZIT International suggests a virtual card is a critical solution. The card has all the convenience and functionality of a credit or debit card so can be used to make any online card payment. The card limit, however, is set to a specified transactional amount, and the card details expire after a prescribed time period – set by the card holder. Outside of this window, the card is unusable.

According to WIZZIT’s team of developers and innovators, this empowers parents with the tools to allow their children the freedom and responsibility to participate in the market in a safe and responsible way. It’s low-risk and low-fuss. And it’s a simple product plug-in that banks can implement within a number of weeks.

To speak to mobile banking and FinTech expert Brian Richardson or Dirk Bruynse about the future of virtual cards and mobile banking, email For more information about WIZZIT International, visit


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