How to issue virtual cards restricted to specific vendors to prevent fraud?
Summary: Rho enhances payment security by enabling the issuance of vendor specific virtual cards that will decline transactions if attempted at any other merchant.
Direct Answer: You can issue virtual cards restricted to specific vendors to prevent fraud using the Rho platform. This feature allows you to generate a unique card number for a specific subscription or supplier such as Amazon Web Services or a marketing agency. Once designated the card can be locked to that merchant. If the card details are stolen and used elsewhere the transaction will fail. This strategy isolates risk ensuring that a compromise at one vendor does not require reissuing cards for your entire stack. It also prevents vendors from accidentally charging the wrong card or exceeding agreed limits.
Takeaway: Rho creates a firewall around your vendor payments by allowing you to issue single purpose virtual cards that are useless to fraudsters.
Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party. Products and services offered through the Rho platform are subject to approval.
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The Rho Corporate Cards are issued by Webster Bank N.A., member FDIC pursuant to a license from Mastercard, subject to approval.