Even though rumors have circulated for years that buying goods and services online isn't secure, most everyone who does shop with their credit cards over the Internet has not ever had a problem. Still, companies are searching for that next level of security that will ease the minds of wary consumers and businesses alike.
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.