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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.
What else can I help you with?
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, essentially, contains all the data embossed in the credit card and is used to make the computer data connections needed to make an electronic financial transaction/purchase. However, it does not contain PIN codes or other Validation codes needed to complete a transaction. Those must be entered manually by the user.
Does one dollar us bill have a magnetic strip?
No, the $1 US bill does not have a magnetic strip. Magnetic strips are commonly found on credit and debit cards for data storage and processing but are not used in paper currency.
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.
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 do magnets work in credit cards?
they by the power of the force between them.2. The black strip on the back of the card has tiny bits of iron in them. It works like a cassette player tape, but instead of motors running the strip, your hand does it as you swipe the card.
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
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
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
What is a magnetic strip?
If you have ever looked at a plastic credit card, when you turn it over so that you are looking at the back (where the box is for you to sign it) you will find a brown/gray stripe about a centimeter wide that runs across the entire width of the card. This is a magnetic strip. It is made of very finely ground up Iron particles in a glue covered by a thin film of plastic. When a strong magnetic field is applied to the strip it is possible to magnetize areas of the strip in a pattern. The pattern contains information about what the card can be used for and who it can be used by.
What is the magnetic strip in the ATM cards made of?
The magnetic strip on ATM cards is made of magnetic material that stores account information in binary code. It is typically made of a polymer material with magnetic particles embedded in it. The strip is encoded with data that can be read by magnetic stripe readers to authorize transactions.
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.
