Card Issuing and Acquiring Quiz

Do You Know the Difference Between a Card Issuer & Acquirer? How deep does your knowledge go? Answer these 35 Questions to find out how much you really know…
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1. Which statements best describe a card Affinity Partner?

 
 
 
 

2. A basic chip terminal device would protect merchants from liability when

 
 
 
 

3. What is the main difference between a Payment Gateway and a Payment Processor?

 
 
 
 

4. In fraud detection, a “false positive” occurs when

 
 
 
 

5. EMV Compliance testing mandates two two levels of testing

 
 
 
 

6. Which statements apply to the the Card Verification Code Number (CVC), the 3 or 4 digit usually found on the back of EMV cards?

 
 
 
 

7. Who is the “Issuer” (or “Issuing Institution”), when used in reference to Card Schemes (EMV), Interchange Networks and Payment Systems

 
 
 
 

8. Issuer Authentication is…

 
 
 
 

9. Choose the option that best describes the role of an Acquirer (or an Acquiring institution), in a typical card scheme

 
 
 
 

10. Which of the following statements about the term “EMV” are correct?

 
 
 
 

11. An acquirer will typically hold a portion of the merchant’s funds in a merchant account reserve. Why?

 
 
 
 

12. An Interchange Network is best described as

 
 
 
 

13. What is a Chargeback Transaction?

 
 
 
 

14. What does the term “Third-Party Processing” refer to?

 
 
 
 

15. What is the acronym MIGs an abbreviation of?

 
 
 
 

16. The Card acquirer is

 
 
 
 

17. What is meant by ‘Card authentication’

 
 
 
 

18. Which statement(s) best describe the term ‘Settlement‘ when discussing Payments

 
 
 
 

19. How is the Bank Identification Number (BIN) derived?

 
 
 
 

20. What usually happens when a Card Block Request is sent out

 
 
 
 

21. In card terms, the Processing date is

 
 
 
 

22. Which statements about EMV (in cards and payments) are correct? (Select all that apply)

 
 
 
 

23. Which of the following statements best apply to The Magnetic Strip on the rear of Payment Cards? (Check all that apply)

 
 
 
 

24. How does EMV (Chip and Pin) Technology benefit Card Issuers?

 
 
 
 

25. In fraud detection, a “false positive” occurs when

 
 
 
 

26. Which of the following terms best apply to the term “Merchant Service Fee”?

 
 
 
 

27. The Interchange fee is

 
 
 
 

28. What is usually meant by the term “Card acceptance device”?

 
 
 
 

29. Which statement best describes the term ‘PCI Compliance‘, when used in connection with “Card Schemes”, “Interchange” or “Payment Systems”

 
 
 
 

30. what do we mean when we refer to “Card Schemes, Interchange and Payment Systems Interoperability”?

 
 
 
 

31. EMV liability shift – Which principle would apply where a card used in a card-present, counterfeit payment fraud was fully EMV Chip compliant

 
 
 
 

32. In Card Issuer terms, the post date is

 
 
 
 

33. EMV liability shift – Which statements in a Card-present counterfeit fraud, at a merchant POS, would apply?

 
 
 
 

34. How does the tiny chip that is embedded in “Chip n Pin” cards prevent fraudulent transactions?

 
 
 
 

35. An Agent Bank acting on behalf of the Card issuer is…

 
 
 
 

36. What typically happens when a cardholder requests a chargeback?

 
 
 
 

37. What does a Q1 payment error usually indicate?

 
 
 
 


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