Credit card fraud costs the banking industry billions of dollars every year, and with companies yet to find an entirely secure system for processing payments online, there's no end in sight for unauthorized transactions. Jumio hopes to bring both security and convenience to the world of online payments, however, with its webcam-based Netswipe secure card reader solution. The system replicates the point of sale (POS) transactions you experience when making in-store purchases, prompting cardholders to scan the front on their credit card, then enter their CVV code using a tamperproof mouse-controlled interface. We're not sure how the software is able to distinguish a physical credit card from, say, a photocopy of a card, but it certainly sounds more secure than the standard input form we use today. It also reduces card number theft from insecure forms and website spoofing, by verifying details through a live video stream. Jump past the break for the full press release, along with video overviews of Netswipe and Jumio, which recently secured $6.5 million in initial funding and is backed by Facebook co-founder Eduardo Saverin.
Netswipe turns your webcam into a credit card reader, brings POS payments to the desktop originally appeared on Engadget on Tue, 26 Jul 2011 11:00:00 EDT. Please see our terms for use of feeds.
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