Swipe, click-to-switch, swipe, click-to-switch, swipe... Why steal one card's data when you can copy the whole wallet? :-) Or, run one card but take down the information for another.
It also appears that the Coin is programmed over Bluetooth. Why bother swiping to steal when you can run a smartphone app and take all of the cards on all of the coins in range?
If this takes off and fraud goes up, credit card companies will drop the discount vendors currently get by swiping. Maybe vendors that currently swipe will start entering CVVs? Will Coin then start storing CVVs per card?
Vendors might refuse to accept Coin in the first place (there's already a comment here from one who won't). Or credit card companies will have Coin outlawed as a counterfeiting tool. I can see how this seems like a good idea, but I don't think it will work out.
It also appears that the Coin is programmed over Bluetooth. Why bother swiping to steal when you can run a smartphone app and take all of the cards on all of the coins in range?
If this takes off and fraud goes up, credit card companies will drop the discount vendors currently get by swiping. Maybe vendors that currently swipe will start entering CVVs? Will Coin then start storing CVVs per card?
Vendors might refuse to accept Coin in the first place (there's already a comment here from one who won't). Or credit card companies will have Coin outlawed as a counterfeiting tool. I can see how this seems like a good idea, but I don't think it will work out.