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


2. The Card acquirer is


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


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


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


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


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


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


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


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


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


13. In Card Issuer terms, the post date is


14. Issuer Authentication is…


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


16. What does a Q1 payment error usually indicate?


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


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


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


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


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


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


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


24. In card terms, the Processing date is


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


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


27. An Interchange Network is best described as


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


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


30. Which statements best describe a card Affinity Partner?


31. EMV Compliance testing mandates two two levels of testing


32. What is the acronym MIGs an abbreviation of?


33. The Interchange fee is


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


35. What is a Chargeback Transaction?



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