Credit card fraud. It gets easier?

lux · 11-16-2013, 08:20 PM

This thread does NOT promote, educate or suggest fraud.

So I ran into this video, and in my eyes this is just opening the world up to more fraud.

With this app+device, surely all you'd need is to grab someone's credit/debit card for 10 seconds, swipe it, take a picture and BOOM.
You've duplicated their card and can return to it's owner. What're you thoughts, Sinisterly?

Their site: https://onlycoin.com/

Coin's FAQ Wrote: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.

ねこまっしぐら · 11-16-2013, 08:24 PM

I saw this, I was thinking about getting it. But since you pointed that out, I should get it.

lux · 11-16-2013, 08:25 PM

(11-16-2013, 08:24 PM)Johnny Wrote: I saw this, I was thinking about getting it. But since you pointed that out, I should get it.

It would be SO to just take someones card, swipe it and return it. Whilst this may be good, it could also be very bad.

Jolly · 11-16-2013, 08:39 PM

Doesn't it require a PIN code or something of the sort? If it doesn't... then HALLELUUJA!

lux · 11-16-2013, 08:42 PM

(11-16-2013, 08:39 PM)Jolly Wrote: Doesn't it require a PIN code or something of the sort? If it doesn't... then HALLELUUJA!

This doesn't have a Chip & Pin system in it. So in theory...

Take Target's card
Swipe Target's card into the app
Take picture of Target's card
Return Target's card
Go to nearest store
Pick-up a nice new 50"+ TV
Pay with Coin by selecting Target's card
Take TV home, delete card from app
Rinse and repeat.

Jolly · 11-16-2013, 08:47 PM

(11-16-2013, 08:42 PM)Lux Wrote: This doesn't have a Chip & Pin system in it. So in theory...

Take Target's card
Swipe Target's card into the app
Take picture of Target's card
Return Target's card
Go to nearest store
Pick-up a nice new 50"+ TV
Pay with Coin by selecting Target's card
Take TV home, delete card from app
Rinse and repeat.

...
Is this the real world?
Are we dancers?

Who would come up with such a brilliant system!?!
Also i thought it's a necesity for credit/debit cards to have the PIN system...

lux · 11-16-2013, 08:52 PM

(11-16-2013, 08:47 PM)Jolly Wrote: ...
Is this the real world?
Are we dancers?

Who would come up with such a brilliant system!?!
Also i thought it's a necesity for credit/debit cards to have the PIN system...

Chip and PIN is mainly UK.

Wikipedia Wrote:Chip and PIN is the brand name adopted by the banking industries in the United Kingdom and Ireland for the rollout of the EMV smart card payment system for credit, debit and ATM cards.

w00t · 11-16-2013, 08:59 PM

You likely provide ID/info when you create an account, and if the card details don't match that info, you don't get to add the card.

lux · 11-16-2013, 09:00 PM

(11-16-2013, 08:59 PM)w00t Wrote: You likely provide ID/info when you create an account, and if the card details don't match that info, you don't get to add the card.

But during the video he states he uses personal and business card info, surely a business card would be different to his personal information? in that the name on the card etc.

w00t · 11-16-2013, 09:11 PM

Corporate cards generally have the person they were issued to's name on them, at least in well-established companies.