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Coin

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Re: Coin

#231

Post by Nursie »

pbreit wrote: post #227
Nursie wrote: post #219

Earlier quoted context omitted.

I don't know why the US hasn't adopted EMV. It's not perfect, but it has cut down fraud massively here in Europe. They're very hard to clone (I won't say impossible, but attacks against EMV have not generally been of this nature) and the transaction records at both ends will tell you whether the actual, real card was there. The liability is more clear-cut as a result. If the customer claims the charge was unauthorise…

Because it's a massive cost for almost no gain.

Errr, did you read the part where fraud has dropped massively? And liability is more clear-cut and reasonable for pretty much all parties?

--edit-- and did you think us Europeans just rolled it out for shits and giggles?

Re: Coin

#232

Post by zshprompt »

What stops the person taking the payment from pushing the switch button accidentally or intentionally. Also I can totally see how people can steal your card, use the app to put it into their coin then place the card back so you don't know you've been robbed.

Re: Coin

#233

Post by joshvm »

avree wrote: post #109
ohazi wrote: post #100

With any luck, this will piss off the banks/CC companies enough to finally roll out chip+pin in the US.

Uh, why would we want chip+pin in the US?

Means you are always in sight of your card because although merchants can force the transaction through, customers expect the pin entry ritual. Skimming becomes a lot more difficult and in most stores you don't even need your card to be near the cashier because the terminals are separate from the register.

This also stops the frequently problem mentioned about a waiter changing your card because you'd need to validate the purchase via pin on a POS terminal.

The downside is that you're vulnerable to shoulder surfing and people stealing your pin (at which point they really have the keys to the kingdom), but given that signature checks are rarely that stringent in the US I think it's a moot point.

Magstripes still work, but many stores in the UK have stopped accepting it as a payment method if the card fails.

I'm surprised to see no mention of NFC in this thing, that would work in Europe in plenty of stores.

Re: Coin

#234

Post by marcamillion »

pat2man wrote: post #217
thejerz wrote: post #212

Unless I'm missing something: if I lose my Coin card, ALL of my credit and debit cards are compromised. That's a showstopper. A thief could drain not just one account, but every account I have.

BTLE tether, card gets deactivated if its not near your phone.

Does deactivated mean erased?

From what I understand...there is some sort of memory chip on the card that stores the credit card numbers and info for every card, right?

So what is to stop some chip from bypassing the OS that manages the multiple cards and just reads the raw data?

Sure, it may be 128-bit encrypted, but if they have the raw dump - then it's just a matter of brute forcing it to eventually crack it...no?

What am I missing here?

Re: Coin

#235

Post by pbreit »

jhandl wrote: post #190
nlh wrote: post #167

SUPER clever idea -- kudos for that. In theory, this is awesome. As a consumer, I love it. As a merchant, however (which I am), there is no chance I would accept this. None. Unless the issuers (that is, Visa, MC, Amex) drastically change their policies, which I don't see happening anytime soon. Why? Because the issuers are very clear about a few things: When push comes to shove and it REALLY gets down to it, unless t…

I love the idea behind Coin but what I need is a fat wallet. I carry 19 cards, of which 16 are essential. Some of them are not for swiping so they wouldn't benefit from Coin. The solution for me is a wallet that can hold 20 to 30 cards, but as far as I can tell there's no such thing.

16 "essential" cards? And most/all are mag-stripe and could go on coin? I have a DL and a credit card. Everything else can be easily stored on my phone.

Re: Coin

#237

Post by the_economist »

nlh wrote: post #167

SUPER clever idea -- kudos for that. In theory, this is awesome. As a consumer, I love it. As a merchant, however (which I am), there is no chance I would accept this. None. Unless the issuers (that is, Visa, MC, Amex) drastically change their policies, which I don't see happening anytime soon. Why? Because the issuers are very clear about a few things: When push comes to shove and it REALLY gets down to it, unless t…

I go weeks at a time without getting asked for identification when paying with a credit card. Most merchants will happily swipe the coin and move on with their life. Those that question it can still check ID or make a copy of the driver's license. This is a sweet product and I can't wait to dump the 7 cards in my wallet. One extra backup card, a good thing to have regardless, will take care of the occasional merchant who won't accept coin.

btw, it sounds like you should have had a lawyer handling some of those chargebacks, particularly if you had captured the driver's license info. We started using a (cost conscious) lawyer to deal with every chargeback and our win rate went way up. And by "dealing with a chargeback" I mean forwarding along our response on his letterhead.

Re: Coin

#238

Post by trustfundbaby »

nlh wrote: post #167

SUPER clever idea -- kudos for that. In theory, this is awesome. As a consumer, I love it. As a merchant, however (which I am), there is no chance I would accept this. None. Unless the issuers (that is, Visa, MC, Amex) drastically change their policies, which I don't see happening anytime soon. Why? Because the issuers are very clear about a few things: When push comes to shove and it REALLY gets down to it, unless t…

Exactly. I feel like they would have been more successful going after things like rewards cards first and then after proving legitmacy and market need there, trying to take a stab at the credit card market.

Re: Coin

#240

Post by wehadfun »

joshdance wrote: post #84
rexreed wrote: post #25

How 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…

You can already steal credit cards really easily. When you hand your card to the waiter, there are machines that will save that number and you can write it to a blank card easily. They can also jot down your security number. This might make it marginally easier, but it is on one service and tracked.

Yea but most places require you to swipe the card or have it physically there.

Online they make you provide information that is not written on it. With this you could easily copy a card and buy anything later on that day.

This thing should be outlawed

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