Earlier quoted context omitted.
Credit card theft like you describe is already possible and already happens
This sure makes it easy tho, no?
You can buy a 20$ card reader and just copy someone's magnetic strip. It's already pretty easy!
Coin
51–60 of 720 posts
Re: Coin
#52How would you prevent mass credit card theft in this case? Couldn't an unscrupulous person, say a waiter at a restaurant, take your card, use his/her own Coin to make a copy of your card, add it to their own Coin, and then use that card at their leisure at a future date? I know, the same question was asked re: Square and the like, but the difference is that you need a Square account to steal other people's cards, and…
From the FAQ: "As an additional safeguard, the Coin app will only allow you to add cards you own." So it sounds like if the name doesn't match, it won't work (you have to take a picture of the front).
And how exactly is this verified? I don't think there's OCR there to verify that it's your card you just snapped a photo of.
Re: Coin
#53I wish it allowed a card selection process to be made with iPhone instead of clicking on the actual card itself, so that the person who charges it does not toggle between your cards. With a fingerprint sensor that would be really cool!
I agree. Maybe you can only change the selected card when it's near your phone?
Re: Coin
#54Seems crazy that it only holds 8 cards. I'm not about to go through all this effort only to replace some of the cards in my wallet but not all of them.
Out of curiosity, how many do you have? I think 8 would cover all of the cards I use at least once every 4 months.
About 15. And sure, most I barely use. But sometimes I want to use them and they're in my bag and not in my wallet. This would be a great solution to that problem for me if it could hold all of them.
Re: Coin
#55I assume that the Chip-and-pin system isnt standard in the US like it is in the UK. Can a similar technology be applied to chips?
I was trying to look into this as well. Apparently the chips cannot be read from in the same way unless you authorize it. I don't know how that authorization process works, but I'm guessing it's possible. I'll be looking out for Coin in the future when they introduce EMV support.
Re: Coin
#56Earlier quoted context omitted.
From the FAQ: "As an additional safeguard, the Coin app will only allow you to add cards you own." So it sounds like if the name doesn't match, it won't work (you have to take a picture of the front).
And how exactly is this verified? I don't think there's OCR there to verify that it's your card you just snapped a photo of.
The magstripe data has all the name information in it.
Re: Coin
#57Swipe only? What is this, 1980?
NFC support would be pretty slick.
Re: Coin
#5880% of this product already exists in Simple ( https://www.simple.com/ ).
How? Simple is a bank. This is a magnetic-stripe card consolidator.
Re: Coin
#59I'm slapping my head and thinking "this is such a great idea, why didn't I think of that?". I'm sure lots of other people are doing the same, and it's a sign of a truly great idea. Congrats on launching!
Re: Coin
#60Earlier quoted context omitted.
From the FAQ: "As an additional safeguard, the Coin app will only allow you to add cards you own." So it sounds like if the name doesn't match, it won't work (you have to take a picture of the front).
And how exactly is this verified? I don't think there's OCR there to verify that it's your card you just snapped a photo of.
Swiping a card passes along the name on the card.