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


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


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


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


6. Issuer Authentication is…


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


8. Which statements best describe a card Affinity Partner?


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


10. An Interchange Network is best described as


11. The Card acquirer is


12. What does a Q1 payment error usually indicate?


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


14. The Interchange fee is


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


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


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


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


19. In Card Issuer terms, the post date is


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


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


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


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


24. EMV Compliance testing mandates two two levels of testing


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


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


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


28. In card terms, the Processing date is


29. What is a Chargeback Transaction?


30. What is meant by ‘Card authentication’


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


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


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


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


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


36. What is the acronym MIGs an abbreviation of?


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



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