Jumio has elected to create a new system for credit card transactions: scanning by way of web camera. The new system, called “Netswipe,” apparently allows the system to verify a credit card visually while the CVV number will be entered manually by mouse. This system benefits from the security are allegedly manifold; through a number of factors, cards are verified and validated to ensure that no fake card can pass. There have been over a million test examples of the system, with an extraordinarily high success rate. On top of this, the company has a security team who monitors transactions manually to ensure a lower set of risks.
This system is designed to ensure that credit card fraud is a thing of the past. The technology is also PCI compliant already. The technology promises that any system that employs a camera and internet access – like cell phones, for example – will be fully capable of processing payments as a virtual machine.
This will allow consumers an unprecedented amount of ease while processing transactions from home. The manual entrance of card data will no longer be required, and thusly cached data in a browser will no longer be a weakness to be exploited by hackers, nor will key stroke loggers. Should this prove to be effective, yet another obstacle to online enterprise will be circumvented. Truly, this is great news for online businesses everywhere.
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