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Instead of a magnetic strip that you swipe, most credit cards now have an EMV chip that you insert into a card reader or even use to pay contactlessly. Luckily EMV chips aren’t affected by magnets.
If an EMV reader is compromised to the extent that the conversation between the card and the terminal is intercepted, then the attacker may be able to recover both the track-two data and the PIN, allowing construction of a magnetic stripe card, which, while not usable in a Chip and PIN terminal, can be used, for example, in terminal devices ...
Non-EMV cards work like magnetic stripe cards. This is common in the U.S. (PayPass Magstripe and Visa MSD). The cards do not hold or maintain the account balance. All payment passes without a PIN, usually in off-line mode. The security of such a transaction is no greater than with a magnetic stripe card transaction. [citation needed]
In most magnetic stripe cards, the magnetic stripe is contained in a plastic-like film. The magnetic stripe is located 0.223 inches (5.7 mm) from the edge of the card, and is 0.375 inches (9.5 mm) wide. The magnetic stripe contains three tracks, each 0.110 inches (2.8 mm) wide.
A proximity card or prox card [1] also known as a key card or keycard is a contactless smart card which can be read without inserting it into a reader device, as required by earlier magnetic stripe cards such as credit cards and contact type smart cards. [2] The proximity cards are part of the contactless card technologies.
In 1960, while at IBM, Parry invented the magnetic stripe card for use by the U.S. Government. [3] He had the idea of gluing short pieces of magnetic tape to each plastic card, but the glue warped the tape, making it unusable. When he returned home, Parry's wife Dorothea was using a flat iron to iron clothes.