FT reports: The start-up Jumio has emerged from stealth mode to take a swipe at credit cards, with a payment method that uses a webcam or a phone’s camera. Netswipe involves holding up a credit card to a camera, where its details and authenticity are recognized by Jumio’s software. The code on the back of the card is then entered by PC mouse-clicking or smartphone touchscreen-tapping an on-screen keypad. Jumio says its method is secure and avoids dangers such as keylogging software.The Silicon Valley startup is not announcing any partners or merchants at this stage, just revealing its product after previously announcing $6.5m in first-round funding in March. That was led by Eduardo Saverin, co-founder of Facebook. “I’m usually a critical person,but the last time I have seen such a disruptive idea was actually Facebook,” he said at the time. read more at: http://blogs.ft.com/fttechhub/2011/07/80261/#ixzz1TF3HClgZ
Editor's Note: Always read the disclaimer:
Note: Security Requirements
Using Netswipe Scanning or Netswipe Recycle Swipe to capture credit card data means that you will be capturing, transmitting and possibly storing card data. The Card Schemes, Visa and MasterCard, have never permitted the storage of sensitive data (track data and/or CVV2) post-authorization, and it is prohibited under ‘Requirement 3′ of the Payment Card Industry Data Security Standard (PCI DSS). Merchants who store Sensitive Authentication Data (SAD) are being fined by the Card Schemes.
Consequently, if you use Netswipe Scanning or Netswipe Recycle Swipe you will need to demonstrate that your system can handle this data securely and that you are taking full responsibility for your PCI DSS compliance. One part of this is the need for us to see a clean Vulnerability scan being made on your systems. For further information on PCI security standard, please visitwww.pcisecuritystandards.org.
Jumio introduces Netswipe from Jumio Inc. on Vimeo.
