Give a blank card to a retail or restaurant... guess what, they will look at you like you stole the information and to silly not to "make" it look like the actual card., no logo, no signature block, no card number to verify on front, or numbers to put in last few for their systems. It will instantly ring ... FAKE... to mostly everyone behind a register. Maybe useful at gas stations, or little stores you can just swipe for small purchases. But try to use your card for anything over 50 to 100 bucks, and see what happens. Great idea, i would do this in a heart beat if stores and such would not have a major issue with them...
Because you can't swipe an app. This is a stop gap measure that allows you to use existing swipe machines until NFC or some other better solution reaches maturity.
Like I said, there's a new company out there with an iPhone app and iPhone card reader that has the ability to suck in your cards into your iPhone via a single swipe, presenting you with a visual representation of your card and then transmitting that same scanned information wirelessly over the air via some unknown patent-pending 'magic' to a credit card swipe machine. They had a video and everything. From what I know the service hasn't hit the market yet, and I can't recall what it was called or figure out how to find it via Google search. But it was revolutionary in its simplicity.
always find it amazing that the usa is still stuck in the past with swipe and signature, it's hideously insecure, fraud is trivial
this product seems to do away with even the pitiful security offered by a signature check, if it's accepted by retailers the thieves will absolutely love it
chip and pin dramatically reduces fraud levels, if a shop/whatever in europe expects me to just swipe, or, even worse, gets out the embossing machine, i instantly think 'scam' and consider going somewhere else or using cash
My first thought as well. But perhaps I'm a bit more travelled than most Americans. This line in the article made me think someone didn't really do their homework, "nearly every credit card-enabled business in the world is Coin-enabled by default".
While it may be true that most businesses outside the US can take your swipe card, a great many of them will frown at you and look annoyed that you are making them dig out their old swipe machine to deal wth your old tech card. Something they probably keep on hand for the Americans who happend to visit ther establishment. And there are certainly places where your swipe-only card simply won't work (ATMs in Norway is one example, if I recall correclty).
That said, if you look by volume instead of geography, probably the vast majority of card transactions take place in the US. So until the US moves to somethign more secure, that card might have a market, even if only here. But I'd be surprised if many merchants overseas would accept it.
I like the idea, but I don't like the idea that tapping is all you need to do to change the card. Suppose you hand it to a waiter who while handling it, inadvertently hits that button and the card changes. That could turn out to be a hit to someone's debit card when they meant to use a credit card. Not always a good thing.
Ideally, a fingerprint reader would be included on that button (similar to iphone 5s). A less expensive security measure is obviously more desirable and seems like that would be a technical requirement. Perhaps a software based option which allows you to lock the current card.
Maybe the feature that locates the card away from your phone doesn't allow it to change.
There will probably be a lot of places that simply won't accept it. Even now, many establishments want to see the card in order to verify that the embossed numbers match those on the mag stripe.
Too many criminal types already use a card reader/writer to put fraudulent numbers on an existing card.
Sounds like a good idea, until you remember that the rest of the world is moving away from magnetic strips and using imbedded chips, often referred to as "chip 'n pin".....
The merchant needs to be educated to accept it. "Sorry sir, we only accept Visa and MasterCard."
But wait it is a Visa...
Sorry, it has to have a Visa logo or we can't accept it.
Here in the US most places don't look at your card. They don't even handle it. You swipe it yourself. So they would have no clue what's on the card, so long as it works.
But HOW does the Coin App only allow you to add the cards you own? Does it require you to enter a zip code when you add it? Does it cross reference your name to the name on the card? What if I have different cards that display my name differently?
I'd like to see what stops a person from adding my card to their Coin fraudulently. While physical security is a good first barrier, I'm very concerned, as should they, about the ability of people to add non-owned cards.
After a retailer gets burned a couple of times taking non-traditional cards, they'll change their policies and we'll experience a wave of retailers refusing to accept card skimmers like Coin.
Pretty stupid idea. Why not just use an app?!?!?! No need for these crummy cards that will break down easily (that card they show off probably doesn't even exist and is just a mockup).
Comments
Keep dreaming.
Hmm.. interesting concept.
Thankfully I only have a debit card to worry about...
Yep, this looks familiar...
http://www.cultofmac.com/154808/geode-turns-iphone-into-universal-credit-card-rewriter/
http://www.zdnet.com/icache-geodes-spectacular-crash-and-burn-7000014801/
Give a blank card to a retail or restaurant... guess what, they will look at you like you stole the information and to silly not to "make" it look like the actual card., no logo, no signature block, no card number to verify on front, or numbers to put in last few for their systems. It will instantly ring ... FAKE... to mostly everyone behind a register. Maybe useful at gas stations, or little stores you can just swipe for small purchases. But try to use your card for anything over 50 to 100 bucks, and see what happens.Great idea, i would do this in a heart beat if stores and such would not have a major issue with them...
Why not an app to replace all your cards?
Because you can't swipe an app. This is a stop gap measure that allows you to use existing swipe machines until NFC or some other better solution reaches maturity.
Yes you can.
Like I said, there's a new company out there with an iPhone app and iPhone card reader that has the ability to suck in your cards into your iPhone via a single swipe, presenting you with a visual representation of your card and then transmitting that same scanned information wirelessly over the air via some unknown patent-pending 'magic' to a credit card swipe machine. They had a video and everything. From what I know the service hasn't hit the market yet, and I can't recall what it was called or figure out how to find it via Google search. But it was revolutionary in its simplicity.
My first thought as well. But perhaps I'm a bit more travelled than most Americans. This line in the article made me think someone didn't really do their homework, "nearly every credit card-enabled business in the world is Coin-enabled by default".
While it may be true that most businesses outside the US can take your swipe card, a great many of them will frown at you and look annoyed that you are making them dig out their old swipe machine to deal wth your old tech card. Something they probably keep on hand for the Americans who happend to visit ther establishment. And there are certainly places where your swipe-only card simply won't work (ATMs in Norway is one example, if I recall correclty).
That said, if you look by volume instead of geography, probably the vast majority of card transactions take place in the US. So until the US moves to somethign more secure, that card might have a market, even if only here. But I'd be surprised if many merchants overseas would accept it.
Maybe the feature that locates the card away from your phone doesn't allow it to change.
There will probably be a lot of places that simply won't accept it. Even now, many establishments want to see the card in order to verify that the embossed numbers match those on the mag stripe.
Too many criminal types already use a card reader/writer to put fraudulent numbers on an existing card.
should be renamed "Con", as the major use case will be fraudulent c/cards. the needs of the honest subverted by those who do not care.
Sounds like a good idea, until you remember that the rest of the world is moving away from magnetic strips and using imbedded chips, often referred to as "chip 'n pin".....
I'd like to see what stops a person from adding my card to their Coin fraudulently. While physical security is a good first barrier, I'm very concerned, as should they, about the ability of people to add non-owned cards.
After a retailer gets burned a couple of times taking non-traditional cards, they'll change their policies and we'll experience a wave of retailers refusing to accept card skimmers like Coin.
I will get a white one! Better than all the other options avail right now. I Pre-ordered and it was 55.00.
Oh, wait,it's American, and the USA never swallowed the fact that chipcards mean French Technology