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Why the heyday of credit card fraud is almost over

In 1960, an IBM engineer named Forrest Parry was developing a new type of ID card for the CIA when he had an epiphany: Why not make each card a tiny data storage device in and of itself? He cut a short length of half-inch wide magnetic tape from a reel and wrapped it around a blank plastic card, secured it with Scotch tape, and then, at his wife’s suggestion, pressed it on with a warm iron. The magnetic stripe card was born.

U.S.
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