Are You Prepared For The Emv Migration?

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| By Nicklasprieto
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Nicklasprieto
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Quizzes Created: 2 | Total Attempts: 3,158
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1. What is EMV?

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.

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About This Quiz
Are You Prepared For The Emv Migration? - Quiz

This quiz assesses readiness for the EMV migration, focusing on the secure processing method of EMV chips, their benefits, and implementation specifics in credit card security. It is... see morecrucial for understanding fraud reduction and verification methods in the financial sector. see less

2. What is the main benefit of EMV chips?

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.

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3. Will customers still be able to swipe their cards?

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.

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4. How can customers verify a purchase using EMV?

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.

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5. Who is liable for credit-card fraud after the Oct. 1, 2015, deadline?

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.

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6. When is the migration deadline?

Explanation

The deadline signifies a major shift in liability. What happens if you don't migrate by the deadline? Click here to find out.

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7. During a contact EMV transaction, which of the following is a requirement?

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.

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8. What does "EMV" stand for?

Explanation

“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.

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9. Which verification method will most U.S. banks choose to go with?

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.

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10. What are the two types of EMV 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.

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11. Is there an EMV certification requirement?

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.

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12. Since EMV was introduced in the U.K., face-to-face credit-card fraud has dropped by how much?

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.

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13. Who is mandating the EMV migration?

Explanation

Card companies are hoping to mitigate their liability while increasing the security of card transactions. Get more EMV background here.

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14. How much time will Level 3 certification take? 

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.

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15. How many levels of EMV testing for certification are there?

Explanation

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.

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What is EMV?
What is the main benefit of EMV chips?
Will customers still be able to swipe their cards?
How can customers verify a purchase using EMV?
Who is liable for credit-card fraud after the Oct. 1, 2015, deadline?
When is the migration deadline?
During a contact EMV transaction, which of the following is a...
What does "EMV" stand for?
Which verification method will most U.S. banks choose to go with?
What are the two types of EMV transactions?
Is there an EMV certification requirement?
Since EMV was introduced in the U.K., face-to-face credit-card fraud...
Who is mandating the EMV migration?
How much time will Level 3 certification take? 
How many levels of EMV testing for certification are there?
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