Earlier quoted context omitted.
Say you have 10k stolen cards...now its easy to carry them all.
"Flash Memory (up to 20 cards)" Good luck with that.
If this thing is real, you could just have your phone "load" different cards to it.
Plastc Card
251–260 of 356 posts
Re: Plastc Card
#252Earlier quoted context omitted.
Or they just found a way to implement ApplePay on their card.
Implementing Apple Pay isn't a technical feat. There's a standard for it.[1] As long as the banks let you access their token generation service, it's straightforward. However, I haven't heard of anyone other than Apple getting that permission. It'll happen soon enough, but the chances that these guys are the first seems slim to me. [1] http://clover-developers.blogspot.com/2014/09/apple-pay.html
I think it might be a bit of a misrepresentation. They will have their own 3rd party payment service ala paypal but you will be able to use the card to decide which payment method associated with that account gets used.
Just a guess! but it would avoid some pretty massive technical hurdles to international acceptance.
Re: Plastc Card
#253They say this supports chip-and-PIN, but I don't believe them until they explain how. If I have a chip-and-PIN card from my bank, the chip has an unreadable secret used to generate one-time cryptograms to verify the authenticity of the card. There's no way to get that secret onto my Plastc card. You'd need partnerships with banks to get a new secret the way Apple Pay does. Without those, this sounds like it'll be use…
They could be doing something else funny, like providing their own credit card info to the merchant via the chip and then just billing your credit card in the background, like how Google Wallet works...
I'd bet on this.
Re: Plastc Card
#254Earlier quoted context omitted.
For the record, Chip and PIN is kind of broken... • "Chip and PIN is Broken" (Murdoch/Drimer/Anderson/Bond, 2010) [PDF] http://www.cl.cam.ac.uk/~sjm217/papers/oakland10chipbroken.p... • "Chip and PIN is Broken" (Murdoch, 27C3, 2010) [Video]: http://www.youtube.com/watch?v=Ks_w352BS-Q • "Chip & PIN is definitely broken" (Barisani/Bianco/Laurie/Franken, 2011) [Video]: http://www.youtube.com/watch?v=JABJlvrZWbY ...and s…
In the US, the big benefit of Chip and PIN will be that retailers don't have any credit card information to store.
Do they hold a unique token though? Here in the UK, I've definitely gotten "loyalty" offers printed with my receipt even though I've only ever used my debit card there and not a store card.
Re: Plastc Card
#255Unlike the scammers of Coin, these guys might have thought a bit further. Unfortunately this looks too ambitious. We have been making these kind of cards for years (for other companies) and know what kind of things you can cannot do currently; you can actually do this technically, but you'll be in a lot of pain getting this mass-produced. Let alone the things like patents, certification and adding 3rd party cards to it (oh the hell...); all politics & money. Good luck anyway.
Re: Plastc Card
#256As someone who frequently travels all over Africa, I would want a secure password on this. If this card gets stolen without such a password it would mean the thieves can empty out several of my cc accounts.
Re: Plastc Card
#257As someone who frequently travels all over Africa, I would want a secure password on this. If this card gets stolen without such a password it would mean the thieves can empty out several of my cc accounts.
If they don't mess up the implementation then it would appear to be more secure than traditional cards. Especially in places like Africa (I assume) and the US where Chip and Pin has yet to be rolled out.
I appreciate the point you're making in that stealing this one card is equivalent to stealing a whole wallet-full. But isn't it usually the case that you lose the whole wallet in one go?
Re: Plastc Card
#258If your bank allows generation of one-time-use temporary CC numbers, you could load this up with a bunch of them, and have any fraud be limited to the number you have left unused. Cool!
Re: Plastc Card
#259As someone who frequently travels all over Africa, I would want a secure password on this. If this card gets stolen without such a password it would mean the thieves can empty out several of my cc accounts.
If they don't mess up the implementation then it would appear to be more secure than traditional cards. Especially in places like Africa (I assume) and the US where Chip and Pin has yet to be rolled out. I appreciate the point you're making in that stealing this one card is equivalent to stealing a whole wallet-full. But isn't it usually the case that you lose the whole wallet in one go?
The difference is when I travel I don't take all my cards out with me, I would leave at least 2 backups in the hotel safe and another at home which can get sent to me in an emergency. Realistically imitating this behaviour on such a device probably won't happen.
Re: Plastc Card
#260They say this supports chip-and-PIN, but I don't believe them until they explain how. If I have a chip-and-PIN card from my bank, the chip has an unreadable secret used to generate one-time cryptograms to verify the authenticity of the card. There's no way to get that secret onto my Plastc card. You'd need partnerships with banks to get a new secret the way Apple Pay does. Without those, this sounds like it'll be use…
They could be doing something else funny, like providing their own credit card info to the merchant via the chip and then just billing your credit card in the background, like how Google Wallet works...
Oh, that's clever.