Coin, the device that could replace all other cards in your wallet, raised its $50,000 crowd-funding goal in just under 40 minutes after its launch last Thursday. But along with the positive response came a slew of skeptical criticism of the device’s apparent security flaws. Today, the team behind Coin is announcing new features that may address those concerns. The device will ship in Summer 2014 and will retail for $100 but for 23 more days, you can get it for $50 by backing the project via Coin’s website.
Chief among the security issues highlighted was the idea that thieves could steal card data from Coin. A new alarm feature should address that by counting how many times your device is swiped and alerting you via the app if it is being swiped too many times out of your hands. It can also be locked to a specific card before you hand it over to a merchant or waiter so they can’t toggle through the other cards stored in your Coin. Along with a feature that locks your Coin once you (or the phone tied to it) are beyond a certain distance away, as well as 128/256-bit encryption of your stored information, Coin appears to take your security seriously.
Coin can also be unlocked from your phone in case you run out of juice or want to use the card while in an airplane. It’s not clear how security features such as alarm and the distance-based lock function will work when Coin isn’t tied to a phone, so you may want to keep a close eye on your Coin if you unlock it.
In addition to announcing the new features, Coin’s makers are also offering answers to the most popular questions about the device. The company says in its answers it has received “overwhelmingly positive” feedback from major card providers and merchants. We look forward to getting a unit of Coin to see just how convenient and secure it can be, so stay tuned for our full review.