New card format aims to reduce fraud and improve transaction security, prompting operational updates for stores and technical ...

The discovery was part of a secret service operation that took place this week to combat a crime targeting lower-income families.

How they work: Skimmers capture magnetic strip data. When someone inserts or swipe their card, the skimmer reads and records the information stored on the magnetic stripe.

Daniel Vasquez, owner of Miami-based Dynamic Auto Movers, says he learned a “hard lesson” after he continued using a MagTek magnetic stripe card reader that wasn’t EMV-compliant.

A card reader is a device that reads the information on a credit or debit card’s magnetic stripe. The information is then transmitted to the POS system for processing.

Chip cards are less vulnerable to skimming than magnetic stripe cards, but they aren’t completely safe. Crooks can still capture your card information from a chip card using a technique called ...

Chip cards are more secure Magnetic stripe credit cards carry a high risk of fraud through skimmers that criminals add to card readers at ATMs, retail stores and gas stations.

Once common on tickets and cardkeys the magnetic stripe is being phased out.