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

 
 
 
 

2. What is meant by ‘Card authentication’

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

8. EMV Compliance testing mandates two two levels of testing

 
 
 
 

9. Which statements best describe a card Affinity Partner?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

12. In card terms, the Processing date is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

17. The Card acquirer is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

20. What does a Q1 payment error usually indicate?

 
 
 
 

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

 
 
 
 

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. The Interchange fee is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

28. What is the acronym MIGs an abbreviation of?

 
 
 
 

29. In Card Issuer terms, the post date is

 
 
 
 

30. Issuer Authentication is…

 
 
 
 

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

 
 
 
 

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

 
 
 
 

33. An Interchange Network is best described as

 
 
 
 

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

 
 
 
 

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

 
 
 
 

36. What is a Chargeback Transaction?

 
 
 
 

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

 
 
 
 


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