What is coin?

[Remember remember the 5th of November]

https://www.youtube.com/watch?v=w9Sx34swEG0

[b!z]

It's a digital credit card that stores information for all your credit cards.

[pedrog]

Is this a magnet card clonner?

[mprep]

Why does it seem like a freaking manager for stolen CCs? I already imagine crooks, organizing them: stolen business CCs, stolen personal CCs...

[Wardrick]

I just watched this video on Youtube earlier. All it is just a virtual CC manager, and an easier way for you to increase your debt and get all your CC's stolen. I can't believe there isn't even a code on it to access it, anyone who comes across it basically has access to all of your CC's.

[b!z]

Why does it seem like a freaking manager for stolen CCs? I already imagine crooks, organizing them: stolen business CCs, stolen personal CCs...

https://onlycoin.com/support/faq/

Q. What steps does the Coin app take to prevent cards from being added fraudulently?
A. The Coin app requires that you take a picture of the front and back of the card, type in card details, and then swipe the card (using a reader we provide) to ensure the card’s encoded magnetic stripe data matches the card details provided. It is not possible to complete these steps unless you are in physical possession of a card. As an additional safeguard, the Coin app will only allow you to add cards you own.

[BTC-e Help Me Please]

^ Shut all u up in one fair swoop xD

[mprep]

Why does it seem like a freaking manager for stolen CCs? I already imagine crooks, organizing them: stolen business CCs, stolen personal CCs...

https://onlycoin.com/support/faq/

Q. What steps does the Coin app take to prevent cards from being added fraudulently?
A. The Coin app requires that you take a picture of the front and back of the card, type in card details, and then swipe the card (using a reader we provide) to ensure the card’s encoded magnetic stripe data matches the card details provided. It is not possible to complete these steps unless you are in physical possession of a card. As an additional safeguard, the Coin app will only allow you to add cards you own.

Well, I meant actual physically stolen CCs. For example, a dude leaves his card unattended. The thief takes it, photographs the front, back, types in the details, and swipes it and quickly leaves before he arises too much attention. The card owner comes back and takes a card and happily loads it with even more cash. The only safeguard here is the PIN code which can be bypassed by most services.

[Wardrick]

^ Shut all u up in one fair swoop xD

If someone gets the card they'll still have access to all your CC's, and you'll have to go in and cancel every single one of them. And then replace them with new ones. Seems like the only thing preventing you from losing it is some signal that's sent to your phone, which half the time won't even be noticed until it's to late.

[Authentic]

Why does it seem like a freaking manager for stolen CCs? I already imagine crooks, organizing them: stolen business CCs, stolen personal CCs...

https://onlycoin.com/support/faq/

Q. What steps does the Coin app take to prevent cards from being added fraudulently?
A. The Coin app requires that you take a picture of the front and back of the card, type in card details, and then swipe the card (using a reader we provide) to ensure the card’s encoded magnetic stripe data matches the card details provided. It is not possible to complete these steps unless you are in physical possession of a card. As an additional safeguard, the Coin app will only allow you to add cards you own.

Well, I meant actual physically stolen CCs. For example, a dude leaves his card unattended. The thief takes it, photographs the front, back, types in the details, and swipes it and quickly leaves before he arises too much attention. The card owner comes back and takes a card and happily loads it with even more cash. The only safeguard here is the PIN code which can be bypassed by most services.

I could be mistaken, but I saw no chip. So, I assume this would force the card to always work without chip+PIN (and I assume without name on the card, so also skip that layer of security).
If this is how this works... it is *VERY* insecure.