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CPP Card Networks & Interchange Flashcards

6 cards from real CPP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 CPP Card Networks & Interchange flashcards as text

  1. What is a chargeback in card payment processing?

    Answer: A forced transaction reversal initiated by the issuing bank on behalf of the cardholder

    A chargeback is a forced reversal of a card transaction initiated by the issuing bank, typically when a cardholder disputes a charge.

  2. What is the typical timeframe a cardholder has to dispute a transaction and initiate a chargeback under Visa rules?

    Answer: 120 days from transaction date

    Under Visa rules, cardholders generally have up to 120 days from the transaction date (or expected delivery date for goods) to file a dispute.

  3. What is an Issuer in the card payment ecosystem?

    Answer: The bank or financial institution that provides payment cards to consumers

    An Issuer (issuing bank) is the financial institution that provides payment cards to consumers and extends credit or manages funds on their behalf.

  4. What is EMV technology and what problem does it primarily solve?

    Answer: Chip-and-PIN card technology that reduces counterfeit card fraud at point of sale

    EMV (Europay, Mastercard, Visa) chip technology generates a unique transaction code for each purchase, making counterfeit card fraud at the point of sale much more difficult.

  5. What is the liability shift associated with EMV chip card adoption?

    Answer: Liability for counterfeit card fraud shifts to the party that has not adopted EMV technology

    The EMV liability shift means that if a chip card is used at a non-chip terminal, liability for counterfeit fraud shifts from the issuer to the merchant/acquirer.

  6. What is a card-not-present (CNP) transaction?

    Answer: A transaction where the physical card is not inserted into a terminal

    A card-not-present (CNP) transaction occurs when the physical card is not present at the point of sale, such as in e-commerce, mail order, or phone order transactions.