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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.
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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 .5 million in initial funding and is backed by Facebook co-founder Eduardo Saverin.
"Consumers love the ease-of-use and the smooth experience associated with completing a transaction.
If it sounds familiar, we’ve written recently about other recent mobile payment technologies that use a smartphone camera to capture credit card information, including Aisle Buyer and
Mattes said Jumio, which is also going mobile soon, goes a step further by not just using optical character recognition to pull out the credit card number; instead it utilizes sophisticated computer vision to authenticate the card.
According to Internet.com, by the year 2008 nearly 30% of offline purchases will be influenced by online research.
If your site is a well-implemented ecommerce site, the web can significantly lower both order-taking costs and customer support costs after the sale has been made. on the front end by suggesting additional items at the time the purchase is made.