11-15-2013, 02:19 PM
Robert M wrote:
Chak,
I read that and it seems conflicting to me. If it's a stand-alone device then it shouldn't be dependent on security features provided by the phone and mobile app. It should be dependent on the phone at all.
From my understanding of the video, and the FAQ, the Coin is dependent on the mobile for the initial input of the card information. That's it. The security feature (bluetooth) is not essential for it to work. You can turn it off.
But, I understand syncing it to a phone for management of the cards. I'd rather it be able to be done on the device itself but I understand the reason for doing it on the phone. Same goes for security. Security should be configurable on the device itself and the phone should have no bearing on it.
The coin, once it has your CC information in it, is just as secure as your "dumb" credit card is now. You leave your CC behind at a restaurant, and anyone can see the number, security code, expiration, etc. It's inherently not any less secure, aside from the fact that it has multiple cards information stored within. This is why I alluded to carrying a "dumb" card in cases where I have to lose sight of my card. Losing a coin, is no different and no less secure (or insecure) than losing your wallet.
I'd love to see a demonstration of the mobile app for sending card info to the Coin and the security of the coin in action. If nothing else, it'll show people how easy it is to manage cards and whether or not it's a secure stand-alone device.
Robert
I don't believe it's billed as a secure stand-alone device. Then again, neither are the cards you have in your wallet right now. The coin is for convenience, not security.