Coin Card - Secure?

There have been a number of articles recently promoting the Coin card, as single replacement for all your cards (debit, credit, giftcard, etc).

Here is one such article:
http://blog.gsmarena.com/coin-is-the-one-card-to-rule-them-all/

Here is a link to their site:
https://onlycoin.com/

Anyone have insight on how they are (or would be) managing security?

Also, convenient as it may be, isn't this another platform that provides digital detritus on your personal life?

 

It nicely proofs how easily can be a card copied even though banks claim, that their security in unbeatable. Even a child can do it today.
As for the product it provides kind of better security, since the thief will not be able to photocopy a card (number, name) so easily.
On the other hand, it stores all cards on a server through a wireless phone, so there are too many 3rd parties involved.
As for the wireless payment, I presume it will push users to use NFC phone app instead of a card.

 

Thanks for your reply.

Anyone know how easy it would be to do a DIY and roll your own version of this device (Perhaps with a USB plug to allow access for loading/updating the card info)?

Please provide links to sites that might be helpful.

This would eliminate the third party issue.

There is a level of security in not having several cards to carry, and the data "locked" from all but the most ardent hacker.

 

Nice thread!

Best regards,

Mohamed

 

I ordered one for personal use. I am more than happy to audit it to the best of my abilities.

It should be more secure than a normal card because it does disable itself if you are out of range. Also from my understanding the credit card data is stored on the phone and not the card. It is only transfered to the card over bluetooth at the POS (when you hit the button to activate it). I could be wrong though.

My first instinct was to see if we can clone it's magstripe and if not maybe attack the bluetooth stack.

 

Thanks.

Look forward to your findings!