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.
- 2.What does "EMV" stand for?
- A.
Electronic Money Valuation
- B.
Europay, MasterCard and Visa
- C.
European Migration Venture
- D.
Eat More Veggies
- 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.
- 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%
- 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.
- 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.
- 7.Will customers still be able to swipe their cards?
- A.
Yes.
- B.
No.
- 8.Is there an EMV certification requirement?
- A.
Yes.
- B.
No.
- 9.How many levels of EMV testing for certification are there?
- A.
2
- B.
3
- C.
4
- D.
5
- 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.
- 11.Who is mandating the EMV migration?
- A.
Credit Card Companies (Visa, MasterCard, etc.)
- B.
The Federal Government
- C.
State Governments
- D.
Banks
- 12.When is the migration deadline?
- A.
October 1, 2015
- B.
October 31, 2015
- C.
January 1, 2016
- D.
April 1, 2016
- 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.
- 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.
- 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.
Questions: 7 | Attempts: 1092 | Last updated: Mar 22, 2022
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