By David Stallsmith, Director of Product Management ColorID
Mag stripe card technology is celebrating its 50th anniversary this year, and it still works well. However, many institutions are moving away from mag stripes for a number of reasons: they can be damaged by abrasion or being near magnetic fields; mag stripe readers become unreliable when dirty or worn; and, most importantly, the security of mag stripe data is non-existent. Mag stripe cards can very easily be replicated because there is no inherent security for the data stored on the cards. The financial industry has spent a lot of money to move to much more secure EMV chip cards, while many other institutions are moving to secure contactless cards and readers for physical access.
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