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


3. An Interchange Network is best described as


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


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


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


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


8. What is the acronym MIGs an abbreviation of?


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


10. Which statements best describe a card Affinity Partner?


11. EMV Compliance testing mandates two two levels of testing


12. Issuer Authentication is…


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 is the main difference between a Payment Gateway and a Payment Processor?


15. What is a Chargeback Transaction?


16. What does a Q1 payment error usually indicate?


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


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


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


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


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


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


23. In Card Issuer terms, the post date is


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


25. In card terms, the Processing date is


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


27. The Interchange fee is


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


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


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


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


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


33. The Card acquirer is


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


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



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