Jumio’s Netswipe technology is about to revolutionize online credit card payments. The tech scans credit cards with webcams and uses the encrypted video to assess whether the card is real (plastic, raised letters, et cetera) and to record the card number and info. Users then enter the security code via keyboard and the transaction is complete! GigaOM reports that creator Daniel Mattes found a 36% reduction in fraud costs and 2.3 minutes saved per transaction when the Netswipe tech was tested in a six-week trial.

Jumio is a mobile payments solution company that is preparing to launch in the next couple of months. Facebook co-founder Eduardo Saverin has participated in the $6.5 million round of funding. He put in over half of the round according to TechCrunch. Saverin will be on Jumio’s board of directors as well.