Using not much more than an Arduino, a piece of metal shim, and a bunch of wire, Instructables user sketchsk3tch built this Arduino Magstripe Emulator, which purportedly can spoof a magnetic card reader into thinking a card has been swiped. Quite the MacGyver solution to magstripe hacking…
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er… wow AND yikes!
http://www.instructables.com/id/Magnetic-stripe-card-spoofer/
For those wondering what this was based on…