Module 5 Intro To Chargebacks Overview

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| By RobynKemp
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RobynKemp
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Quizzes Created: 2 | Total Attempts: 272
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  • 1/8 Questions

    You can automatically chargeback a Pay at the Pump (5542) as fraud?

    • True
    • False
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About This Quiz

This quiz in Module 5 provides an overview of chargebacks, focusing on fraud prevention in financial transactions. It assesses understanding of specific scenarios like Pay at the Pump fraud and card-present transactions, emphasizing regulatory compliance and transaction security.

Module 5 Intro To Chargebacks Overview - Quiz

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  • 2. 

    How long does the acquirer (Merchant) have to represent on a chargeback?

    • 10 Days

    • 20 Days

    • 45 Days

    • 90 Days

    Correct Answer
    A. 45 Days
    Explanation
    The acquirer (merchant) has 45 days to represent on a chargeback. This means that if a chargeback is initiated by a customer, the merchant has 45 days to provide evidence or documentation to dispute the chargeback and prove that the transaction was legitimate. This time frame allows the merchant to gather necessary information and present their case before a final decision is made on the chargeback.

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  • 3. 

    For a transaction that is card present '90' you should order sales slips for fraud transactions?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Mastercard does not require a sales slip to be ordered.

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  • 4. 

    All transactions that are E-Commerce '81' can be charged back as fraud?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    You cannot chargeback an E-Commerce '81' transaction that has UCAF indicator of '2' and '3'.

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  • 5. 

    What card status should be in place prior to a fraud chargeback?

    • L

    • C

    • S

    • U

    Correct Answer
    A. U
    Explanation
    The correct answer is "U". In the context of a fraud chargeback, "U" refers to the status of "Unauthorized." This means that the cardholder did not authorize or participate in the fraudulent transaction. Prior to a fraud chargeback, it is necessary to establish that the transaction was unauthorized in order to initiate the process of reversing the charge and refunding the cardholder.

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  • 6. 

    If case total is $1,000.00 or greater, an Investigative Referral should be completed?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Only write off total of $1,000.00 or greater requires an Investigative Referral.

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  • 7. 

    Select all other reasons an Investigative Referral would be required.

    • Confirmed Identity Theft

    • $25,000.00 Case Total

    • Suspect Identified - Full Name

    • HNB Employee

    Correct Answer(s)
    A. Confirmed Identity Theft
    A. $25,000.00 Case Total
    A. Suspect Identified - Full Name
    Explanation
    An Investigative Referral would be required in cases of confirmed identity theft, where someone's personal information has been stolen and used without their consent. It would also be necessary when the case involves a significant amount of money, such as the $25,000.00 mentioned. Additionally, if the suspect's full name has been identified, it would be important to refer the case for further investigation. The fact that the suspect is an HNB employee may also be a relevant factor in determining the need for an Investigative Referral, as it could suggest an internal breach or involvement.

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  • 8. 

    Define: Chargeback

Quiz Review Timeline (Updated): Mar 20, 2023 +

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 12, 2013
    Quiz Created by
    RobynKemp
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