0
The chip contains a tiny microprocessor programmed with a unique encryption key different from all other chips. This key cannot be copied as it cannot be read out of the chip, it is only used within the chip, During the process of authorizing the transaction this microprocessor is interrogated and generates a transaction code using that key that uniquely identifies both the transaction and the card used. When the sales terminal sends that transaction code to the bank, the bank's computer can verify that the correct card was actually used.
This cannot be verified using the magnetic stripe as it can potentially be copied to any card.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
How do you erase magnetic information on a credit card?
Take a magnet, swipe it on the magnetic strip on the card.
Inventor or credit card magnetic strip?
Forest Parry (IBM Corp): http://en.wikipedia.org/wiki/Forrest_Parry
What are the different types of strip lines with schematic disgrams?
Micro strip lines,Parallel strip lines,Coplanar strip lines,Shilded strip lines.
Why micro strip line is called open strip line in microwave engineering?
It consists of dielctric substrate with a strip conductor on one side and complete conducting layer on the other. It is basically an open structure and requires high dielectric constant substrate to confine the fields near the strip conductor
How does a thermostat control the temperature of a building?
A bimetallic strip is made of two different metals joined firmly together as the strip is heated one metal expands more then the other the strip is forced to coil more tightly when the strips cools the process rapidly and uncoils again , movements of the strip can operate an electrical switches
What data is on a credit card magnetic strip?
Why do credit cards have a magnetic stripe on the back
Why is there a magnetic strip on credit cards?
The magnetic strip on credit cards contains encoded information, including account details and other pertinent data. This information is read by card readers, allowing for secure transactions and verification of cardholder identity.
Are bank cards affected by being next to another bank card?
The magnetic strips on the back of bank cards and credit cards can be affected by strong magnetic fields or being close to weak magnetic fields. When you keep credits cards in a wallet with magnetic strip touching or being very close together, it is possible for the magnetic strips to affect each making them unreadable. Even so, the credit cards can still be used by manually keying in the credit card number.
How is electromagnet used in credit cards?
The strip on the back of a credit card is made up of a lot of magnetic particles which identifies and contains account information.
Is it true the magnetic strip on credit cards is used by banks to spy on people?
I wouldn't think so, isn't it for security
How does magnets in credit cards work?
There are no magnets in credit cards. If you're referring to the 'magnetic strip' on the back of the card - it's a secondary system of identifying the card. When you insert your card into an ATM - the machine reads the magnetic strip which connects it to the account-holder's bank. Contrary to popular belief - it does not contain the PIN associated with the card.
Why do credit cards have a magnetic strip on one side?
According to ISO/IEC 7813 (and 7811) standards, a magnetic strip may only be on one side in order to: * Avoid interaction with other cards' magnetic stripes held in close proximity * Provide consistency with card readers * Provide backwards compatibility with card readers
Why do credit card have a magnetic strip on the back?
the magnetic strip on the back of credit cards r use to store information about the card holders account the information is stored in the form of magnetic field same as that in a floppy disk or a tape cassete
Can the magnetic tape on credit cards be repaired?
"In today's modern world of technology, magnetic encoding has revolutionized the safe and reliable transfer of personal credit card data. However, once the magnetic strip has been damaged on the back of a credit card it will no longer work properly. The only solution is to replace it with a new card."
What type of device reads the strip of magnetic material on the back of your credit card?
A card skimmer reads the back of credit and debit cards. It is a type of device employed to commit credit card fraud and identity theft.
How does your credit card get erased?
A credit card is a piece of plastic with a strip of magnetic information on it. When this strip is exposed to a strong magnetic field, like in an MRI, PET scan, or CAT scan it can get erased because the magnetic field removes the magnetic information.
What is on the back of credit cards and Atm cards?
A secrect code usually 3 digits that is required to purchase items online or on the phone and a magnetic strip to enable electronic card readers to acquire information
