Final answer:
MICR (Magnetic Ink Character Recognition) has faced criticism for its high cost and potential for corruption and inefficiencies. Problems include the cost of maintaining and upgrading MICR systems, breakdowns in mechanical voting machines, and concerns about the security and lack of paper documents in touch-screen voting machines.
Step-by-step explanation:
MICR, which stands for Magnetic Ink Character Recognition, has been widely used in banking and financial sectors for its efficiency in processing checks. However, it has faced criticism due to its high cost and potential for corruption and inefficiencies. One example of a problem with MICR is the cost associated with maintaining and upgrading MICR systems. Despite the criticism, MICR has become a routine part of the banking industry.
Another problem arises with other voting methods such as mechanical voting machines that frequently break down and punch-card machines which are fallible. Touch-screen voting machines are criticized for being insecure and not producing paper documents, which makes recounts difficult.
Reduced Usage: With the rise of electronic payment methods, such as online banking and digital transactions, the use of physical checks has declined. This shift in payment preferences has led to a reduced demand for MICR technology.
Security Concerns: While MICR is known for its accuracy, it's not immune to fraud attempts. Criminals may attempt to alter MICR characters on checks to redirect funds or commit other fraudulent activities.