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…

Please enter your email:

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


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


3. Which statements best describe a card Affinity Partner?


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


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


6. EMV Compliance testing mandates two two levels of testing


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


8. The Card acquirer is


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


10. The Interchange fee is


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


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


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


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


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


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


17. Issuer Authentication is…


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


19. What does a Q1 payment error usually indicate?


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


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


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


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


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


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


26. What is meant by ‘Card authentication’


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


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


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


30. What is the acronym MIGs an abbreviation of?


31. What is a Chargeback Transaction?


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


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


34. In card terms, the Processing date is


35. An Interchange Network is best described as


36. In Card Issuer terms, the post date is


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



The Cards & Payments Industry professional Course is designed to help you understand the dramatic way in which product and payment services have changed

Cards and Payments Professional Training

Group, Institution, Corporate & Individual Training inquiries welcome