Your CoinOut account is directly linked to your phone number. Your account is safe as long as your cell phone and login information is secure. To set up your account initially, you must have access to your text messages. Once you sign up, we use a 2-step verification process including a 6-digit confirmation code.
The funds in your account are held at an FDIC insured bank. Unlike many gift card companies, there is no possibility of your funds expiring.
You have access to your account 24/7/365.
We encrypt and anonymize sensitive information. If you choose to add a bank account, we do not hold your routing or bank account information. We use a third party authentication service called Plaid.io that works with almost all U.S. banks. We enforce TLS protocols for our endpoints and meet current certificate standards including minimum key size and signature algorithm.
CoinOut only allows you to send money to yourself. If someone tries to “use” your cell-phone number at a participating merchant, they will simply be giving you more money. Also, we only have permission to credit your account. We cannot take money out of your account, so there’s no need to worry about overdrafts, late fees or other frustrating charges.
We work with a compliance firm that helps us identify fraud and irregular activity. If, for whatever reason, we notice abnormal activity on your account, we will alert you to ensure that these are in fact your transactions. Also, you can alter your notifications on your profile page to make sure you are receiving alerts as you want them.
We will always provide the ability to opt-out of marketing or other related messages. We will not provide any sensitive information to our participating merchants without your permission.