Are You Prepared For The Emv Migration?
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- 1.
What is EMV?
- A.
A new, secure method for processing credit-card payments.
- B.
A new U.S. standard for electric vehicles.
- C.
An interoperability standard for trading stocks and bonds.
- D.
A tax on international money transactions.
Correct Answer
A. A new, secure method for processing credit-card payments.Explanation
EMV is an interoperability standard for credit-card payments that is meant to secure credit transactions throughout the globe. Click here to learn more.Rate this question:
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- 2.
What does "EMV" stand for?
- A.
Electronic Money Valuation
- B.
Europay, MasterCard and Visa
- C.
European Migration Venture
- D.
Eat More Veggies
Correct Answer
B. Europay, MasterCard and VisaExplanation
“EMV” is an acronym for Europay, MasterCard and Visa, the three founding members of EMVCo, which is the group that administers the chip’s standard and deployment. Learn all the must-know terms and EMV basics here.Rate this question:
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- 3.
What is the main benefit of EMV chips?
- A.
They're easier to use.
- B.
They're more secure.
- C.
They're faster to use.
- D.
They're less expensive.
Correct Answer
B. They're more secure.Explanation
EMV migration in the U.S. is expected to make transactions more secure and lower the rates of credit-related fraud, which has occurred in other markets that have already migrated. Learn more about the benefits of EMV migration here.Rate this question:
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- 4.
Since EMV was introduced in the U.K., face-to-face credit-card fraud has dropped by how much?
- A.
27%
- B.
51%
- C.
72%
- D.
98%
Correct Answer
C. 72%Explanation
Since introducing EMV-chipped cards into its market, credit-card fraud in the U.K. has dropped a whopping 72%. Canada has also lowered its counterfeit fraud by more than 40%. Click here to see how EMV benefits both consumers and businesses.Rate this question:
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- 5.
How can customers verify a purchase using EMV?
- A.
Chip-and-PIN: Customer inputs a PIN to confirm a transaction.
- B.
Chip-and-Signature: Customer writes a signature to confirm a purchase.
- C.
Offline Chip-and-PIN: Customer inputs a PIN while the terminal isn’t directly connected to a connection.
- D.
All of these.
Correct Answer
D. All of these.Explanation
Since U.S. consumers are accustomed to using signatures to verify credit purchases, many issuing banks have elected to implement Chip-and-Signature verifications. Online and offline Chip-and-PIN verifications, however, will also be valid. Learn more about EMV transactions here.Rate this question:
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- 6.
Which verification method will most U.S. banks choose to go with?
- A.
Chip-and-PIN: Customer inputs a PIN to confirm a transaction.
- B.
Chip-and-Signature: Customer writes a signature to confirm a purchase.
- C.
Offline Chip-and-PIN: Customer inputs a PIN while the terminal isn’t directly connected to a connection.
Correct Answer
B. Chip-and-Signature: Customer writes a signature to confirm a purchase.Explanation
Due to the belief that U.S. consumers are accustomed to signing for credit-card purchases already, many issuing banks have elected to implement Chip-and-Signature as their preferred CVM. To learn about how EMV transactions differ from magnetic-stripe transactions, click here.Rate this question:
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- 7.
Will customers still be able to swipe their cards?
- A.
Yes.
- B.
No.
Correct Answer
A. Yes.Explanation
Initial EMV-equipped cards will still feature magnetic stripes so that they can be used at locations that haven’t yet migrated to EMV. Want to know the consequences of not migrating to EMV? Click here.Rate this question:
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- 8.
Is there an EMV certification requirement?
- A.
Yes.
- B.
No.
Correct Answer
A. Yes.Explanation
Every EMV-enabled terminal must be verified by EMVCo and the card brands whose payments you choose to accept. Click here for a full guide to preparing for EMV migration.Rate this question:
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- 9.
How many levels of EMV testing for certification are there?
- A.
2
- B.
3
- C.
4
- D.
5
Correct Answer
B. 3Explanation
Levels 1 and 2 are handled by EMVCo and deal with certifying payment equipment at the hardware and software levels. Level 3 is an end-to-end certification conducted between the merchant and the brand. Click here to learn more about the verification process.Rate this question:
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- 10.
How much time will Level 3 certification take?
- A.
As little as 2 weeks.
- B.
As long as 8 months.
- C.
Both are correct.
- D.
Neither.
Correct Answer
C. Both are correct.Explanation
Depending on the types of transactions and CVMs you want to process, you could be looking at upwards of a few hundred tests, especially if you accept all four brands. This will dictate the time of your verification process. For a full guide on prepping for EMV migration, click here.Rate this question:
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- 11.
Who is mandating the EMV migration?
- A.
Credit Card Companies (Visa, MasterCard, etc.)
- B.
The Federal Government
- C.
State Governments
- D.
Banks
Correct Answer
A. Credit Card Companies (Visa, MasterCard, etc.)Explanation
Card companies are hoping to mitigate their liability while increasing the security of card transactions. Get more EMV background here.Rate this question:
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- 12.
When is the migration deadline?
- A.
October 1, 2015
- B.
October 31, 2015
- C.
January 1, 2016
- D.
April 1, 2016
Correct Answer
A. October 1, 2015Explanation
The deadline signifies a major shift in liability. What happens if you don't migrate by the deadline? Click here to find out.Rate this question:
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- 13.
Who is liable for credit-card fraud after the Oct. 1, 2015, deadline?
- A.
The credit-card holder whose name is on the card.
- B.
The party with the most-secure means of accepting payment.
- C.
The party with the least-secure means of accepting payment.
- D.
The federal government.
Correct Answer
C. The party with the least-secure means of accepting payment.Explanation
In today’s pre-EMV world, issuing banks assume any liability if fraud originates from a counterfeit, lost or stolen credit card. After Oct. 1, 2015, that liability assumption shifts to the party with the least-secure means of accepting payment. Learn more here.Rate this question:
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- 14.
What are the two types of EMV transactions?
- A.
Contact transactions and clear transactions.
- B.
Concealed transactions and clean transactions.
- C.
Closed transactions and open transactions.
- D.
Contact transactions and contactless transactions.
Correct Answer
D. Contact transactions and contactless transactions.Explanation
EMV will allow for both traditional "contact" transactions as well as "contactless" transactions, which allow a customer to simply tap the card or an NFC processor (i.e. mobile payment) against a terminal. See how EMV transactions differ from magnetic-stripe transactions here.Rate this question:
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- 15.
During a contact EMV transaction, which of the following is a requirement?
- A.
Physically tap the card to the payment machine.
- B.
Insert the card, then pull it out quickly.
- C.
Keep the card inserted until the transaction is complete.
- D.
Insert your personal identification number.
Correct Answer
C. Keep the card inserted until the transaction is complete.Explanation
This is probably the aspect of EMV that will take the most adjusting. It's recommended to educate your customers on EMV transactions to ensure cards are not left behind after transactions. Click here for a step-by-step guide to implementing EMV in your business.Rate this question:
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Mar 17, 2023Quiz Edited by
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Apr 06, 2015Quiz Created by
Nicklasprieto
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