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While such disruption remains relatively rare, Mr Minter says that the magnetic stripe is declining in popularity either way.

“Each person’s key is their photo ID, which must contain a magnetic stripe.”

Banks would issue the cards, not Visa, and they were mandated to add the magnetic stripe to their cards.

Those numbers were then encoded onto magnetic stripe cards and used to fraudulently withdraw funds from ATMs.

Another incident that also involved a RAM scraper seemed to specifically target data from transactions at a gas station’s fuel pumps, where customers swiped their cards’ magnetic stripe, Visa said.