Bank card fraud costs the banking industry billions of greenbacks yearly, and with companies yet to search out a completely secure system for processing payments online, there is no lead to sight for unauthorized transactions. Jumio hopes to bring both security and convenience to the sector of online payments, however, with its webcam-based Netswipe secure card reader solution. The system replicates the purpose of sale (POS) transactions you experience when making in-store purchases, prompting cardholders to scan front on their mastercard, then enter their CVV code using a tamperproof mouse-controlled interface. We aren’t sure how the software is ready to distinguish a physical mastercard from, say, a photocopy of a card, but it surely certainly sounds safer than the same old 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 complete press release, together 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.
Company Launches Patented Netswipe Method to Reduce Fraud for Merchants; Makes Online and Mobile Payments Easier and Safer than Ever
MOUNTAIN VIEW, CA – JULY 26, 2011 – Payment company Jumio today unveiled a brand new technology solution for businesses to extend security and straightforwardness of use for online and mobile bank card payments. Jumio’s patented Netswipe solution turns a webcam right into a secure bank card reader that enables merchants to more easily and efficiently accept payments online.
“Jumio bridges the space between the safety and trust of mastercard payments on the point of sale and the provision and convenience of contemporary day online transactions,” says Jumio founder and CEO Daniel Mattes. “Consumers love the benefit-of-use and the graceful experience related to completing a transaction. At a time when both consumers and businesses seek more efficient and safe the right way to make mastercard purchases, Netswipe promises to bring in a brand new era of disruption that makes online payments easier than ever before.”
Bringing Card Present Transactions Online
Jumio developed a technology that utilizes any webcam as a mastercard reader to give consumers a handy guide a rough and simple thanks to make purchases online. Netswipe is the primary and only solution that permits online card-present-transactions: Trying out identical to on the point of sale (POS).
To finish a transaction, consumers briefly hold their bank card in front in their webcam. Through secure videostreaming, the bank card details are being recognized and verfied. No snapshot image is being taken, no data is stored at the computer it’s used for the payment.
A More Efficient Payment Technology for Merchants
Business owners can implement Jumio’s Netswipe service into their payment process to scale back fraud and increase sales because of a heightened user experience.
“During our pilot phase, we’ve conducted a customer survey with a focal point group who’ve used Netswipe. Amongst other impressive numbers, the churn rate decreased significantly from 52% to 21%.” (Mattes)
With the launch, Jumio has introduced three products for merchants that simplify the web payment process: Netswipe Start, Netswipe Scanning and Netswipe Processing. Additional products including a mobile solution would be released later this year.
Partners, High Profile Board of Directors
Jumio’s pre-launch negotiations attracted a powerful list of partners. Facebook co-founder Eduardo Saverin, member of the Jumio board of directors, previously led a chain A funding round of US$ 6.5m and may oversee Jumio’s rollout into the Asian market.
Says Saverin: “i’m very excited to be involved with Jumio, which has developed a ground breaking technology that fulfills two of an important aspects of payments processing: heightened security and a simplified user experience.”
Additionally, Jumio’s advisory board includes former executives from Google, Amazon and NASA.
About Jumio
Jumio offers a complicated technology that increases security and straightforwardness of use for online and mobile mastercard payments. Jumio is the inventor of Netswipe, a patented solution that turns any webcam right into a mastercard reader. Jumio’s advisory board includes Zain Khan, former Google executive, Mark Britto, former Amazon executive, Thomas Jungreithmeir, managing director of TJP and Bjorn Evers, former gaming industry CEO. Facebook co-founder Eduardo Saverin has a seat at the board of directors.
Jumio Inc. is headquartered in Mountain View, California and operates a development center in Linz, Austria. The corporate was founded in 2010 by Daniel Mattes and employs 35 people. More on www.jumio.com
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