10 Reasons Coin Card Looks Like a Security Nightmare

[klarkmdb]

One Coin.... to rule them alL

-The Lord of the Coins

 

[Dustin Thomas]

One thing not mentioned here is t hat Coin might totally strip the consumer of dispute rights for violating the cardholder agreement (most cardholder agreements have provisions about acceptable payment instruments and duplication of cards). Second only to the convenience factor, isn't the ability to make disputes the reason we use debit / credit cards in the first place?

I can see the nightmare now "Oh you used Coin? Well because you made a copy of your card (unapproved payment instrument) you are now no longer to dispute the $10,000 of fraudulent activity on your debit/credit card. Have a nice life."

Thanks but no thanks Coin.

 

[Dan Meyers]

What a ridiculous idea. A genuine solution to a problem that doesn't exist. Technology is moving towards paying with your smartphone (11 year old technology in Japan, btw) and this is their idea?Suggested slogan: "Hey kids, get your entire identity stolen with just one card!" Most retailers in CA and in major cities ask to see your credit card. Show them the "Coin" (stupid name to go with a stupid idea) and you will not take your purchase home.Hey, that leads me to a second slogan "WOW! Now you can carry all your information on just one card, And use that old outdated wallet to keep your real cards ready for when the sales lady asks for it - How Fun!"

 

[jgponnou]

Tom, Thank you for the excellent article. Truly comprehensive and very valuable inputs.Regards, Joseph Ponnou