This paper proposes a novel nondestructive testing method for electrically conductive objects. It is based on applying a fundamentally new physical effect which has not been used before in nondestructive testing systems. The method utilizes spin polarization phenomena that occur when free electrons of conductive materials are exposed to an alternating electric field. Researchers experimented with wire and cable conductors. A tested cable was moving longitudinally and exposed to an alternating electric field, which excited a waveform process, i.e. the polarization of spin magnetic moments of free electrons. An induction sensor registered this process and generated a control signal: induction EMF. Its parameters were compared against that of a reference signal obtained in advance in the same way utilizing spin polarization phenomena. Parametric deviations were then used to detect and classify conductor defects. The paper describes how to generate a reference signal appropriate for the objectives of testing. The developed method enables nondestructive testing of objects made of any conductive para-and diamagnetic materials, while it accuracy and reliability are not affected by the magnitude or evenness of the object movement speed, nor by vibrations or transverse oscillations against the physical field source or the induction sensor.