Once the data was stolen from a magnetic stripe card it could be replicated on counterfeit cards and used to fraudulently purchase merchandise. The results are all too familiar as news headlines continue to detail the financial impacts of fraud. Though invisible to the naked eye, stealing personal data proved trivial to fraudsters. Criminals eventually caught up: “skimmers” could replicate a magnetic stripe card reader. Magnetic stripe gained popularity when it became easy and inexpensive to replicate cards with simple, inexpensive, low-tech equipment. Magnetic stripe meets its match in modern fraud Though it’s slowly being replaced in the US-and is even closer to retirement worldwide- consumers still use magnetic stripe for payment billions of times each year. Credit and debit card data is formatted on two tracks with the payment details: the primary account number, name, expiration date and PIN code.īanks and credit card companies began widespread adoption of magnetic stripe technology in the 1980s. When a card is swiped at the point of sale, card data is read by a magnetic head. Magnetic stripe stores data in tracks of magnetic strips affixed to plastic cards. Magnetic stripe technology is fairly simple by today’s standards. Created in the late 1960s, magnetic stripe is the technology behind public transportation tickets, ID badges, driver’s licenses, and credit and debit cards. Magnetic stripe stands among the most successful technologies in the history of modern business. So which is better? EMV chip cards or traditional magnetic stripe? Let’s compare. Many consumers and merchants prefer the familiar ease of swiping at the register. Still, there was-and still is-resistance to change. When “dipping” started to replace swiping, suddenly everyone had an opinion about credit card technology.īanks, credit card networks and security experts praised the safer chip card technology. Most of us never gave much thought to the black strip on the back of our credit cards.
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