After burning the stolen account data onto a blank magnetic stripe card, the criminal is then able to use this new PIN at any ATM.
Able to carry many times more information than an ordinary magnetic-stripe card, one smart card can be used for a variety of transactions that currently require a variety of cards.
Data is loaded onto any plastic card with a magnetic stripe an old hotel key card or an expired credit card would do as long as it carried the account data and correct access codes.
Others loaded that data onto any plastic card with a magnetic stripe an old hotel key card or an expired credit card worked fine as long as it carried the account data and correct access codes.
In skimming, information is stolen from a card's magnetic stripe and then used to make a counterfeit card.
The most common type of counterfeiting is called skimming, where the data on a card's magnetic stripe is electronically copied and used to make an illegal copy of a genuine card.
Many Seibu customers use a loyalty card with a magnetic stripe to earn rewards with each purchase.
The 16-digit account number stored in your card's magnetic stripe zooms across a leased phone line to the merchant's bank, zips under the Pacific to Visa's data center outside Tokyo and rides the Visa network to the data center of your issuing bank in Delaware.
Since then, most European nations as well as Japan and Canada have adopted this so-called EMV international credit card standard and abandoned magnetic stripe credit cards for chip-and-pin cards in the process.
FORBES: Have We Seen The Last Of Credit Cards As We Know Them?
Know about those three-digit codes on the back of your card, imprinted next to the magnetic stripe?
The best design for a mobile credit-card reader is to embed the encryption function into the actual magnetic stripe hardware.
" Unlike the West, says Catherine Allen, founder of U.S.-based Smart Card Forum, the region "does not have the embedded infrastructure of magnetic-stripe cards to get rid of.
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