(PRWEB) December 21, 2013
Tech upstart Coin responded last week to potential security concerns with its all-in-one “smart card” prototype. Technologist and EverSpark Interactive co-founder Jason Hennessey says the security risks will be minimized over time and the new device will catch on.
Coin's smart card is a tiny device that could hold all of a user's credit and debit accounts and tie them to a phone. That would allow users to stop carrying the individual cards and simply pay for any purchase with their Coin device.
Although the concept found early traction with tech enthusiasts, it also met with skepticism about the risk of data theft and fraud. Coin's response last week directly addressed those concerns and outlined how the device would manage security, according to Techland (11.20.2011). Hennessey says that response may be incomplete, but it won't slow down the progress of an already popular concept.
“Every new technology faces security questions,” said Hennessey. “But if a device is convenient enough, its popularity will win out and security weaknesses will be ironed out over time.”
Coin stated that the device will automatically lock itself if separated from the phone it's linked to, such as if a customer accidentally leaves it behind in a retail store—or if a thief nabs it. At the same time, Coin will send an alert to the phone so the user knows they lost their device.
“This is not a full proof defense,” Hennessey said. “Thieves can hack a locked device. But they can also hack locked smart phones, which often carry sensitive banking information. Users take the risk because it saves so much time to have all your data in one place.”
In addition to credit cards, Coin could also centralize gift cards and reward accounts, such as frequent flyer miles.
“That's where it really shines,” Hennessey said. “If it means you can stop carrying 15 things in your wallet, it's going to be big.”
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