Coin

[ddr]

Coin » Use One Coin for All of Your Cards

Curious what everyone thinks..

[feather]

Re: Coin

Good theory, dunno how secure it is.

[subterFUSE]

Re: Coin

I think it looks pretty cool. Security isn't much of a concern to me because I only carry credit cards.

[feather]

Re: Coin

It's a great idea but by security I mean will Coin have access to the card details I store on Coin? Do I want yet another 3rd party have this information? And unfortunately it doesn't support the security chips for overseas use yet. Still tempting though.

[res0nat0r]

Re: Coin

I saw this a while back, looks cool but doesn't seem practical and will prob be belly up soon.

So I can't leave this card with a bartender when I go out when they want to keep it behind the bar? I lose one expensive card and all my cards are now missing? Sweet!

[feather]

Re: Coin

Hmmm it's kinda 'leashed' to your phone via bluetooth so if you left it behind the phone app notifies you. By the same token I assume if you did lose it you can use the phone app to 'cancel' it? I'm also assuming it's simply storing the magnetic strip data from your cards so if you do lose the Coin you should be able to revert to your old cards.

Actually it might not be such a bad idea if I carry Coin, lose it, and I can remotely and securely destroy the data on it. That way I won't have to cancel as I would if I lose an actual credit card, and I'll still have my original cards at home I can use.

[subterFUSE]

Re: Coin

Hmmm it's kinda 'leashed' to your phone via bluetooth so if you left it behind the phone app notifies you. By the same token I assume if you did lose it you can use the phone app to 'cancel' it? I'm also assuming it's simply storing the magnetic strip data from your cards so if you do lose the Coin you should be able to revert to your old cards.

Actually it might not be such a bad idea if I carry Coin, lose it, and I can remotely and securely destroy the data on it. That way I won't have to cancel as I would if I lose an actual credit card, and I'll still have my original cards at home I can use.

Yup. Seems pretty safe to me. You can't walk away from it without being notified, and you can remote wipe the card from your phone. Plus, the magnetic strip doesn't work until you enter your code and select which card to use. So you'll be less at risk for those magnetic code readers we've been hearing about that work over the air. through your pocket.

I'm pretty interested to see how this turns out. I won't be the first person to try, but I'm paying attention.

[Illuminate]

Re: Coin

Interesting idea, pretty clever fi you ask me as this will solve 70% of first world problems. My question would be how do banks cover third party products. E.g. you go to Thailand and have your details stolen, would the banks recognise that yes you had your 'bank' issued card tampered, or did you have your 'coin' tampered with? Interesting within that perspective.

Also, how would the store person recognise your signature if it was all in one card? Considering your still using signatures.

But none the less, a very interesting concept.

[subterFUSE]

Re: Coin

Nobody ever checks signatures. Some retailers like Best Buy ask for ID, but not many others do.

For most purchases under $50, there is no signature required by many retailers.

[feather]

Re: Coin

For small purchases a signature isn't even required anymore. I was shocked the first time that happened to me. Where is the security? I don't sign my cards now, if they ask I show them my photo ID to verify my identity. Besides signatures can be forged when your card is lost.

[subterFUSE]

Re: Coin

The whole signature thing on cards has always been a joke. Nobody checks, and even if they do check how is a store clerk supposed to know whether or not the signature is forged? Or, whether the card was stolen before the owner ever signed it? Or whether the card has been tampered with? Etc...

The single most important step a consumer can take when it comes to security for purchase cards is to only carry credit cards.
No debit cards.

Credit cards have federal law protecting the consumer from fraudulent charges. Debit cards do not.
Furthermore, when a credit card is stolen it's the bank's money, not yours. With a debit card your money is stolen. Meanwhile, you could be bouncing checks and not even know it.


This Coin thing looks pretty cool, and is probably a LOT safer than regular plastic cards.
For example, when you eat in a restaurant and give the card to the waiter... they take the card in back, and who knows what they do with it? They could copy the numbers down, or make an impression of the card with paper and a pencil.
With the Coin, they can't see the card number. They can only swipe the card, and the swipe machines always block out the numbers except the last four.

[feather]

Re: Coin

I guess the signature on the card is to verify with the signature you sign on the check but I seriously do not get the whole transaction without signature thing, that seems to entirely invalidate the point of a signature-security system.

You're tempting me to give Coin a try!

[subterFUSE]

Re: Coin

The purpose of getting a signature is so the merchant has proof you made the purchase.
If the customer files a dispute with their credit card company, the merchant has to send in the signed voucher slip.
Otherwise, the credit card company will side with the customer and refund their money at the expense of the merchant.

[ddr]

Re: Coin

i did buy one... so we'll see.

might just be a scam at the end of it all, who knows lol

[Illuminate]

Re: Coin

^Cool, let us know what you think of it.