Question

Name any 5 differences between contactless card readers and magnetic stripe readers

Answer 1

Answer:

A magnetic stripe card reader reads information stored on the stripe. ... The magnetic stripe also known as Swipe Card or Magstripe. Smart Card. A smart card, which is similar in size to a credit card or ATM card, stores data on a thin microprocessor embedded in the card.

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Answer 2

While EMV chip cards are nothing new in other parts of the world, the U.S. has only recently adopted this technology. Since October 2015, the U.S. started undergoing a significant payment technology evolution — upgrading from magnetic stripe (magstripe) cards to EMV (named for the original developers, Europay, MasterCard, Visa). This transition is also known as the EMV Liability Shift.

However, unlike other countries around the world that have transitioned to this form of payment technology, the US did not enact a “card chip law” to make upgrading mandatory. As a result of this act and non-law, many U.S. merchants have foregone updating their payment technology to accept chip cards — leaving them more susceptible to credit card fraud.

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