Magnetic stripe cards
might be easy and convenient, but the glaring security issues raise huge concerns (Chase, 2014).
Both mobile card readers support hi-coercivity and low-coercivity magnetic stripe cards
conforming to ISO 7810/ISO 7811 specifications.
Most issuers house their cardholder management system on legacy mainframes where they prepare data for magnetic stripe card
When the supplier that provided the cards and readers was purchased by a leading smart card vendor a few months after the pilot began, the university's bank suggested that a microchip be added to the magnetic stripe card
to facilitate faster on- and off-campus payments and to provide students with a cash substitute for pizza deliveries to dorms and for meals in restaurants (Mitchell, 1998).
The Post Office retail network, Post Office Limited, has a wider reach than the banks, with 50% more outlets situated especially in rural and under-privileged urban areas.For those benefit recipients who do not even want a basic bank account available through Post Offices and prefer to have recourse to the old system of cash payments at post offices, a new simplified Post Office Card Account (POCA) will be offered with the only apparent difference that a magnetic stripe card
will replace the previous paper-based passbooks and giro-cheques.
In addition to an interactive touch screen, it is available with a scanner, printer, magnetic stripe card
reader and other options.
A traditional magnetic stripe card
costs 19 cents to make.
Confiscated from Umeanwe were the following four (4) pieces of small heat sealed shabu, three (3) pieces Php.1000.00-bill marked money, one (1) unit Dell laptop, one (1) unit magnetic stripe card
reader and twenty-one (21) pieces VIP cards allegedly used in ATM skimming.
For those who still have the magnetic stripe card
, they are encouraged to have it replaced at the branches on or before Jan.
Although they claim consumer PIN use would slow checkout lines (chiefly because PINs are easy for people to forget), banks prefer the use of signatures because they can charge retailers a higher fee when a magnetic stripe card
is used instead of a PIN.
Instead of swiping an EMV card through a credit card terminal, as is done with a magnetic stripe card
, the cardholder "dips" or inserts it into a device that allows the chip to connect to a reader, become energized and exchange data.