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Coin

onlycoin.com

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Re: Coin

#581

Post by ChiperSoft »

binarycrusader wrote: post #575
blazingfrog2 wrote: post #491

Earlier quoted context omitted.

Flat may be fine. However, from what I've seen in the video, the Coin is not only flat but also almost totally anonymized. The cashier would not be able to verify the name against a photo ID or even take a picture of the card. This would be possible with a non-imprintable card.

Unless required by local or state law, most major credit card companies prohibit the requirement of supplementary identification to complete a transaction. With that said, they require verification of the signature on the back of the card with the one on the receipt / screen. In the event that the card is not signed, you are then allowed to require identification and the card must be signed by the customer before it…

Except at the post office, which will outright refuse any card that is not signed.

Re: Coin

#582

Post by yeukhon »

The idea is cool, but we already have the idea using mobile phone to check out. All we need is the ability to bring that alive.

Re: Coin

#583

Post by vacri »

Nursie wrote: post #219
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 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…

This is a total stab in the dark from a foreigner, but I though that it was only recently that US banks could be larger than a state-level entity. My entirely uneducated guess would be that with only state-level banks, none of them would have the pure muscle to push something as big as this.

Re: Coin

#584

Post by rcoh »

Nursie wrote: post #219
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 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…

The US hasn't adopted EMV because it isn't necessary. EMV was created because in Eastern Europe many businesses didn't have sufficiently reliable phone and internet connections to validate credit cards -- in the US we have no such problem.

The cost of rolling out EMV was determined to be greater than the cost credit card companies paying for the increase in fraud and chargebacks out of pocket.

Re: Coin

#585

Post by binarycrusader »

ChiperSoft wrote: post #581
binarycrusader wrote: post #575

Earlier quoted context omitted.

Unless required by local or state law, most major credit card companies prohibit the requirement of supplementary identification to complete a transaction. With that said, they require verification of the signature on the back of the card with the one on the receipt / screen. In the event that the card is not signed, you are then allowed to require identification and the card must be signed by the customer before it…

Except at the post office, which will outright refuse any card that is not signed.

Technically, the card isn't valid unless signed.

Most credit card companies prohibit the "See ID" that some people put on their cards in place a of a signature.

Re: Coin

#588

Post by stanleydrew »

jljljl wrote: post #164
kintamanimatt wrote: post #138

Earlier quoted context omitted.

When I think about standing in line pressing a button, iterating through a list of all my credit, debit, and rewards cards to find the right one, it seems like a hassle. Imagine I go past the correct card in my haste and I've got to keep pressing the button until I've looped back around to the correct one. Did I screw it up a third time? Now people in line behind me and the cashier are getting pissed off with how muc…

Stories are fun, let me try one :) "I go to pay at the checkout counter. Oh wait! I suddenly remember I have a rewards card here. Good thing I carry it in my wallet along with the other 10 rewards cards I have...shoot, which pocket did I put it in? Maybe it's here? no wait...oh shoot, now I have to take all the cards out. I know it's a red card, but so is my Target and Walgreens card. Now all my cards are out all ove…

But this is preventable. In most cases, while you're waiting in line you can get out both cards and be ready to go when it's your turn to order and pay.

With Coin, you have to find the cards serially, no matter how much lead time you have.

Re: Coin

#589

Post by jakobe »

sopooneo wrote: post #555
revelation wrote: post #391

Earlier quoted context omitted.

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…

That brings up an off-topic point I've always wondered about. If apple will not make it possible for third party devices to interface with the iPhone through the normal port, why do approve apps that rely on hardware using the audio jack this way?

I've seen credit card readers that act as a hull for an ipod touch and connect to the data port. (Necessary in austria because the audio trick wont work with chips)

Re: Coin

#590

Post by Diamons »

I'm surprised nobody's mentioned this.

Q. Which is better; Tiger or Monkey style Kung Fu? A. Depends on the terrain.

If you're a photo sharing / blogging app, sure that kind of tongue in cheek humor is okay and acceptable.

However if I'm supposed to give you access to my credit cards, that is entirely unacceptable.

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