There's currently an event going on in Marvel Comics, Avengers Vs. X-Men.
One of the fights is Iron Man versus Magneto.
Tony Stark engineered his Iron Armor with non-metallic composite so Magneto can't pull a Wolverine on him.
It's still electrical components inside.
Each time a magnetic wave crosses a wire, a current is induced. It's called induction.
Not only can Magneto still fuck with the suit that way, but Magneto was able to control people's minds using the iron in their blood (the issue where Scarlet Witch did a striptease for him in the days before she was revealed to be his daughter).
Magneto tried neither of those things. Iron Man still won.
This is bullshit.