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 Compliance testing mandates two two levels of testing


2. The Card acquirer is


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


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


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


6. In card terms, the Processing date is


7. Issuer Authentication is…


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


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


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


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


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


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


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


15. What is meant by ‘Card authentication’


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


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


18. An Interchange Network is best described as


19. What does a Q1 payment error usually indicate?


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


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


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


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


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


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


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


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


28. In Card Issuer terms, the post date is


29. The Interchange fee is


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


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


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


33. What is the acronym MIGs an abbreviation of?


34. What is a Chargeback Transaction?


35. Which statements best describe a card Affinity Partner?


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


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



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