Are You Prepared For The Emv Migration?

15 Questions | Total Attempts: 607

SettingsSettingsSettings
Please wait...
Are You Prepared For The Emv Migration?


Questions and Answers
  • 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.

Back to Top Back to top