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Coin

onlycoin.com

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Re: Coin

#651

Post by gnaffle »

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?

But they _do_ allow that. You have to pay a license fee to Apple for the connectors, programming interface etc, but even without that you can do communication using one of the established protocols like MIDI. Also, you could use Bluetooth 4.0 without any licensing at all. So the question to why they allow it is that they're not consistently evil :)

Re: Coin

#652

Post by covercash »

pbreit wrote: post #221
tedivm wrote: post #199

Earlier quoted context omitted.

Many credit card companies are starting to issue new cards which are completely flat, making it impossible to make imprint. My new CapitalOne card is an example of this. Is your company planning on refusing to do business with them?

Imprint was just an example. You can take a picture of it, view the CVC, etc. No one imprints anymore.

Yesterday Apple's in-store POS/easypay was down and employees were doing manual imprints. It's rare but does occasionally happen.

Re: Coin

#653

Post by markild »

azernik wrote: post #597

Great line from their FAQ: Q. Can a Coin be used to skim cards? A. No. You can only add cards that you own to your Coin. Ummmm... I hate to be pedantic [1], but the question is using the "is it possible" meaning of "can", but the answer seems to be using the "am I allowed to" meaning. There's a line in the previous question about how "As an additional safeguard, the Coin app will only allow you to add cards you own,"…

I might have skipped a crucial detail in their process, but as far as I can tell, not only is it possible to skim, this makes it amazingly easy.

Re: Coin

#654

Post by ansgri »

sxtxixtxcxh wrote: post #456
pbreit wrote: post #221

Earlier quoted context omitted.

Imprint was just an example. You can take a picture of it, view the CVC, etc. No one imprints anymore.

> No one imprints anymore. that's not true at all; have you been outside of any major city in america?

Better to ask, have you been _outside_ America. For I presume, in most countries who adopted CCs fairly recently, the concept of 'offline transaction' is entirely foreign.

Re: Coin

#655

Post by whitej125 »

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…

Wondering if they could develop a multi-factor auth model to complement the card to make the CC company's happy.

Thinking out loud here... could you make the use of the Coin card dependent on being within range of your bluetooth enabled cell phone. If the card knows that it is being swiped (not sure if it does)... then the in-range phone could know and send a msg to the CC company with the shared secret saying "yo, it's legit". Now a thief would have to steal both the phone and the card for it to work. I'm sure there are a million holes in this, but just putting it out there.

Similar concept could work regular CC's as well. CC company comes up with "card swiper 2.0!" and deploys them to merchants. I as a consumer get some incentive from the CC company to register my device with them. When my card get's swiped at a merchant... card swiper 2.0 tries to detect my device. If it sees it, great, lower chance of fraud. If it doesn't, give me a ring to see if I'm aware that my card was used or deny the charges. Might help the triage the sheer number of transactions out there for what's fraud and what isn't.

Re: Coin

#656

Post by RankingMember »

callmeed wrote: post #155

Don't forget there is also Loop, which reached it's Kickstarter goal already: http://www.kickstarter.com/projects/loop/pay-with-loop Personally, I like the idea of using my phone over the coin thingy. Also, I'm curious about how sturdy this thing is. Maybe it's my wallet or maybe I just shop too much, but I tend to wear out my debit card really quickly (< 1 year).

I think this is cool, but just >90% of merchants? What happens when I finish a meal at a restaurant and left all my credit cards at home and have to pay for it, only to find that loop doesn't work with their POS system? I'd imagine I'd be boned.

Re: Coin

#657

Post by jeffreyjflim »

sequoia wrote: post #37

What happens when the waiter accidentally clicks the button & charges your business card when it should have charged your personal card? I guess they can just peruse your cards, see what you've got, and pick which one to charge. :p

they have an FAQ item for that. But I would submit that the answer seems to be skirting around the issue of an actual (accidental or not) "finger" press.... Especially like when the cashier takes takes your coin out of the check presenter? Grab it by the edges, you say? Suure....

Q. Can someone accidentally change which card is selected on my Coin?

A. We’ve designed the button to toggle cards in a way that makes it difficult to trigger a "press" unintentionally. Dropping a Coin, holding a Coin, sitting on a Coin, or putting the Coin in a check presenter at a restaurant will not inadvertently toggle the card that is selected.

Re: Coin

#659

Post by Mister_Snuggles »

purephase wrote: post #571
Mister_Snuggles wrote: post #558

Earlier quoted context omitted.

Canada already went through this. It started with the POS terminals, then gradually the cards were replaced with chip cards, then gradually the text on the terminal changed from "Swipe card" to "Swipe or Insert card". From a consumer perspective, it was virtually painless. The biggest change is that credit card transactions now require a PIN (assuming a chip card and chip-enabled POS).

Much easier to do in Canada with the number of banks involved. The US would be an entirely different story. The lack of chip card support in Coin effectively makes it a US only product at this point as most of the card-heavy countries have moved past mag swipe (or, are in the process).

Yeah, having fewer banks and heavier regulation definitely helps.

Also, as other people have pointed out, the US is moving to chip cards in a couple of years (2015). So this product already has a very short shelf-life.

Re: Coin

#660

Post by wil421 »

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…

This is BS. No one takes imprints and you dont need to. I worked in the service industry for years and took a credit card from 80% of all my customers and never once took a imprint or needed to.

I have seen flat cards without numbers that would be impossible to imprint.

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