A magnetic ink character reader includes a transport unit configured to move a medium along a transport path, a reader configured to magnetically read magnetic ink characters printed on the medium, while the medium is moved along the transport path and to output a signal waveform corresponding to the magnetic ink characters, and a processor configured to compare a transportation direction of the medium through the reader to a forward reading direction of the reader, and to invert, in horizontal and vertical directions, the signal waveform output from the reader when the transportation direction is not the forward reading direction. The processor performs magnetic character recognition using the signal waveform from the reader when the transportation direction is the forward reading direction and the inverted signal waveform when the transportation direction is a reverse reading direction opposite the forward reading direction.