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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

7. What is a Chargeback Transaction?

 
 
 
 

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

 
 
 
 

9. The Card acquirer is

 
 
 
 

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

 
 
 
 

11. In card terms, the Processing date is

 
 
 
 

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

 
 
 
 

13. EMV Compliance testing mandates two two levels of testing

 
 
 
 

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

 
 
 
 

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

 
 
 
 

16. What is meant by ‘Card authentication’

 
 
 
 

17. Which statements best describe a card Affinity Partner?

 
 
 
 

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

 
 
 
 

19. What is the acronym MIGs an abbreviation of?

 
 
 
 

20. The Interchange fee is

 
 
 
 

21. What does a Q1 payment error usually indicate?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

25. An Interchange Network is best described as

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

29. In Card Issuer terms, the post date is

 
 
 
 

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

 
 
 
 

31. Issuer Authentication is…

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 


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