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


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


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


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


5. EMV Compliance testing mandates two two levels of testing


6. An Interchange Network is best described as


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


8. The Interchange fee is


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


10. What is meant by ‘Card authentication’


11. What does a Q1 payment error usually indicate?


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


13. Which statements best describe a card Affinity Partner?


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


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


16. What is the acronym MIGs an abbreviation of?


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


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


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


20. Issuer Authentication is…


21. In card terms, the Processing date is


22. In Card Issuer terms, the post date is


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


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


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


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


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


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


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


30. What is a Chargeback Transaction?


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


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


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


34. The Card acquirer is


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


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


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



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