AmEx Increases Security for Online Purchases
To come to the rescue, American Express has created its new Private Payments services. A free service, AmEx customers will be issued a number that can only be used one time for purchases versus using the regular credit card number. AmEx hopes that the single-use numbers will combat any fears of anyone stealing the credit card number and using it again.
In conjunction with Private Payments, AmEx has partnered with Privada to create a technology that enables users to release to Internet sites exactly the information they want rather than be subjected to a site-take-all mentality.
While services like Private Payments are beginning to spring up around Europe, AmEx is the first U.S. bank to begin such a service.