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…
________________________________________________________________________________________________________

Please enter your email:

1. What is the acronym MIGs an abbreviation of?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

6. Issuer Authentication is…

 
 
 
 

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

 
 
 
 

8. EMV Compliance testing mandates two two levels of testing

 
 
 
 

9. In card terms, the Processing date is

 
 
 
 

10. An Interchange Network is best described as

 
 
 
 

11. Which statements best describe a card Affinity Partner?

 
 
 
 

12. What does a Q1 payment error usually indicate?

 
 
 
 

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

 
 
 
 

14. The Interchange fee is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

23. In Card Issuer terms, the post date is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

28. What is a Chargeback Transaction?

 
 
 
 

29. The Card acquirer is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

34. What is meant by ‘Card authentication’

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 


RETAIL, RISK, CREDIT & DIGITAL BANKING

Group, Institution, Corporate & Industry Training Events and Programs

TRAINING COURSES

Digital Innovation in Banking Masterclass
The Cards & Payments Industry professional Course is designed to help you understand the dramatic way in which product and payment services have changed