61–70 of 182 posts
Q. Can I lock my Coin?
A. Currently you cannot lock your Coin, but you don’t have to. Coin will automatically deactivate if it loses contact with your phone for a period of time that you configure in the Coin mobile app.
Bummer! Seems like there should be a way to use your phone to lock it down. Either way this is cool as hell.
A "better" solution would be a reverse square. Something that connected to my phone / had an app that I could then swipe in a card reader.
I haven't seen a merchant where you swipe in ages. This seems really ancient and insecure.
There's been another company working on this for many years: http://www.dynamicsinc.com/ I've seen the working models, they are decent, but it's a surprisingly hard problem.
Also this: https://walla.by/the-wallaby-card
A lot of places ID you when you use a card. I wonder how that would work. I don't see a name on it.
Requiring ID is against the rules of every major card network; so are things like adding surcharges, and having minimum transaction amounts. Think about it, anything that adds friction to using a card makes it more likely you might use cash, eating into the card network's revenues. Anything that does that is likely to be frowned upon or prohibited. Report merchants that do that. For Visa, call your card issuer. For A…
Even if they aren't allowed to check ID, they certainly are allowed to check signatures.
Since merchants are held at least partially responsible for fraud, I would be surprised if most merchants accept the "coin" card. It doesn't look like a normal credit card.
If merchants will accept coin, it creates trust for this devices, and lookalikes. I think it would be much easier to create Coins, or Coin clones with stolen credit card data. This is rather concerning.
On another note, I really want one of these to tear apart and mess with. The hardware is pretty slick.
Earlier quoted context omitted.
Yes I really want to have a reprogrammable CC that I hand to a waiter NOT - Why not just have the fed mandate Chip and Pin after a certain date like Europe did.
Because it's not worth the cost. On the consumer side, chargebacks are easy. Credit card companies bear the brunt of the cost of fraud. They all have the incentive in the world to start rolling out chip and pin technology. The fact that they haven't probably demonstrates that the math doesn't work out.
Neither are airbags in cars, yet the government stepped in and made them mandatory.
> [Credit card companies] all have the incentive in the world to start rolling out chip and pin technology.
No, their incentive is to make sure people keep using credit cards.
They've done the math and concluded that the amount of user confusion resulting from chip and pin technology resulting in less credit card use is less than the cost of fraud. The fact that chip and pin works in Europe, and also that credit card processors still exist in Europe proves that implementing chip and pin isn't going to drive Visa and Mastercard out of business.
Earlier quoted context omitted.
Requiring ID is against the rules of every major card network; so are things like adding surcharges, and having minimum transaction amounts. Think about it, anything that adds friction to using a card makes it more likely you might use cash, eating into the card network's revenues. Anything that does that is likely to be frowned upon or prohibited. Report merchants that do that. For Visa, call your card issuer. For A…
OK, but what says merchants are required to accept this "coin" card as your Visa? Even if they aren't allowed to check ID, they certainly are allowed to check signatures. Since merchants are held at least partially responsible for fraud, I would be surprised if most merchants accept the "coin" card. It doesn't look like a normal credit card.
Nothing. Coin is not an authentic card. BTW that wasn't my point, it was that it's a merchant violation to demand ID when presented with an authentic signed card.