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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

10. Issuer Authentication is…

 
 
 
 

11. EMV Compliance testing mandates two two levels of testing

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

16. What is meant by ‘Card authentication’

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

24. What is a Chargeback Transaction?

 
 
 
 

25. An Interchange Network is best described as

 
 
 
 

26. What is the acronym MIGs an abbreviation of?

 
 
 
 

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

 
 
 
 

28. In card terms, the Processing date is

 
 
 
 

29. Which statements best describe a card Affinity Partner?

 
 
 
 

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

 
 
 
 

31. What does a Q1 payment error usually indicate?

 
 
 
 

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

 
 
 
 

33. The Interchange fee is

 
 
 
 

34. The Card acquirer is

 
 
 
 

35. In Card Issuer terms, the post date is

 
 
 
 

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

 
 
 
 

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

 
 
 
 


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