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. An Interchange Network is best described as


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


3. What is the acronym MIGs an abbreviation of?


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


5. Issuer Authentication is…


6. The Card acquirer is


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


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


9. What is a Chargeback Transaction?


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


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


12. In Card Issuer terms, the post date is


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


14. What does a Q1 payment error usually indicate?


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


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


17. EMV Compliance testing mandates two two levels of testing


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


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


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


21. What is meant by ‘Card authentication’


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


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


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


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


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


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


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


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


30. The Interchange fee is


31. Which statements best describe a card Affinity Partner?


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


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


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


35. In card terms, the Processing date is


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


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



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