I pre-ordered 2 about an hour ago (already got charged), haven't gotten a confirmation email yet...
Coin
421–430 of 720 posts
Re: Coin
#422Earlier quoted context omitted.
I've found my chip and signature Amex Platinum Card to be just as useless in Europe as my old magstrip-only card.
That's surprising; chip and signature exists in part for accessibility reasons and everywhere is meant to accept them.
I had a really tough time with credit cards in Denmark.
I had one chip & sig card that didn't work except in like one restaurant I went to. A couple of places I could use any regular credit card though. Ended up having to go to ATMs and carry cash, which is so uncommon that people think you're a drug dealer. :D
Re: Coin
#423Earlier quoted context omitted.
How on earth is that going to work? Theoretically at least, you can't clone an EMV card. That's kind of the point.
Maybe they'll work with the banks to get the information needed to create the EMV card?
Why would a bank allow that? It creates all kinds of liability issues, hurts the issuing bank's branding, and there's no big source of fees to allow Coin to simply buy cooperation from them.
Heck, they're running a kickstarter for funding, while even dreaming about being a card issuer would require to start with posting multimillion security deposits.
Re: Coin
#424Earlier quoted context omitted.
I have a money clip, a smart phone and keys. Phone needs to be in a front pocket so that I don't sit on it and break it. Keys need to be in my front right pocket so that they are accessible and I do not sit on them and never sit again. Thus my billfold must go in one of my rear pockets.
For me, the money clip and keys are in the right pocket, and the smart phone goes in the left front pocket. The keys and money clip are distinct enough that I have no problem pulling out the right thing. And the keys are not going to damage the money clip like they would damage the phone.
Same here. Phone in left. Keys, money clip, change, pocket knife and everything else in right. I try very hard to never put anything in my pocket with my phone. mostly for ease of access but also to avoid scratches.
Re: Coin
#425Earlier quoted context omitted.
Out of curiosity, what do you do that requires 16 cards on a regular basis? At some point, the limiting factor of how many cards you can carry becomes your pant pocket (or purse). My jeans wouldn't stand more than a few cards and far less than 30.
Here's my list: * Costco membership card * three loyalty shopper cards for my common stores (I need the physical card because none of the apps I've tried using that scan the bar codes work with store scanners) * a card to pay for my train rides, * bank debit card for ATMS * business credit card * personal credit card * medical insurance card (this one would be easy to just use a photo of) * AAA card (would be easy to…
I use Lemon Wallet and took photos of everything here that's NOT a credit card. I carry three cards. Drivers License, and two credit cards.
Soon to be one.
Re: Coin
#426Earlier 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…
So that's why this video was so confusing to me. It was essentially this guy sliding someones card (he claims it's his, but neither the device nor the card know, right?) and then happily paying stuff with it through his fake replica (or the high-tech version of it, the 'coin'). It seemed like a completely unusable system for it's complete lack of any security. (Particularly if you consider there are now live payment…
I would assume it would be like any other credit card transaction: up to the merchant to verify the account holder with an ID.
The fraud you're speaking of is not limited to this technology; anyone could find and use a credit card they found on the ground if the merchant did not verify it.
Re: Coin
#427Earlier quoted context omitted.
Presumably the idea is that the account number (i.e. credit card number) is randomised for each transaction - but still valid. So authentication etc. would happen exactly as it does right now. But that number would become invalid immediately after it is debited. That way even if someone intercepted the number they would not be able to use it in the future. Obviously this only really works for online transactions that…
I understand what randomizing a number means. But this doesn't answer the question of how the terminal/processing system knows it's your account being debited? The whole concept of randomization with payments (or anything for that matter with respect to authentication) is impossible. There will ALWAYS have to be some sort of static identifier in order for this to work. Common sense I think. The idea is interesting bu…
But this doesn't answer the question of how the terminal/processing system knows it's your account being debited?
It doesn't. It debits an account that is signified by the randomly generated account number. The connection between that number and your actual account would be done by AMEX/in the backend somewhere. In fact, the whole point of such a system would be that the terminal would be blind to it.
There would always be a static identifier, but the key is taking that identifier away from the end user. That's where the card details get duplicated.
Re: Coin
#428With 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?
What's the opposition to it? I've had chip+PIN my whole life in fact I didn't know until today that the US was different - how do your cashpoints work?
Re: Coin
#429Why would you want to carry just one credit card when you can carry zero with Square (or Google Wallet)?
If it is because of the "tradition problem", it's not much better than Square Wallet either: In more than one place I've been to the cashier was supposed to manually enter the last four digits of CC# manually for the transaction to get through. You'll have to carry a backup card with either Square or Coin.
I like the vision of completely ditching the credit card far better, and the marginal compatibility benefit does not seem good enough for this to get anywhere in its current shape.
Of course, things can change.
(BTW, wasn't Google doing the same thing with a physical card for Google Wallet and ended up abandoning it?)
Re: Coin
#430Earlier quoted context omitted.
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 validat…
I guess they wouldn't be able to do this for the Smartcards used by Chip+PIN as the PIN verification actually happens within the Chip. Unless perhaps the banks worked together on it, but I can't see them doing that!