APRP APRP Industry Standards 5 — Questions and Answers
Question 1: Which organization publishes the Operating Rules that govern ACH Network transactions in the United States?
- The Federal Reserve
- NACHA – The Electronic Payments Association (Correct answer)
- The Consumer Financial Protection Bureau
- The Office of the Comptroller of the Currency
Correct answer: NACHA – The Electronic Payments Association
NACHA develops, administers, and enforces the Operating Rules governing ACH Network participants, including ODFIs, RDFIs, Originators, and Third-Party Senders.
Question 2: Under PCI DSS v4.0, which new requirement mandates that all payment page scripts loaded and executed in the consumer's browser must be managed and authorized?
- Requirement 6.4.3 (Correct answer)
- Requirement 3.5.1
- Requirement 8.6.1
- Requirement 11.6.1
Correct answer: Requirement 6.4.3
PCI DSS v4.0 Requirement 6.4.3 specifically requires that all payment page scripts be inventoried, justified, and integrity-protected to combat e-skimming attacks.
Question 3: The Real-Time Payments (RTP) network operated by The Clearing House uses which credit-push model characteristic?
- Funds can be debited from a receiver's account without prior authorization
- Payments are irrevocable once the receiver's bank confirms receipt (Correct answer)
- Transactions settle on a next-day basis through the Federal Reserve
- Participating banks can reverse transactions up to 90 days post-settlement
Correct answer: Payments are irrevocable once the receiver's bank confirms receipt
RTP payments are credit pushes and irrevocable upon confirmation of receipt by the receiving financial institution, meaning payers must ensure accuracy before sending.
Question 4: Which international standard specifies the format and content of payment card numbers (PANs), including the structure of the Issuer Identification Number (IIN)?
- ISO 8583
- ISO 7812 (Correct answer)
- ISO 4217
- ISO 9362
Correct answer: ISO 7812
ISO 7812 defines the numbering system for identification cards, including the structure of the IIN (formerly BIN) that identifies the card issuer.
Question 5: Under the EU's Payment Services Directive 2 (PSD2), Strong Customer Authentication (SCA) requires a combination of at least two of which three factors?
- Knowledge, Possession, and Inherence (Correct answer)
- Identity, Velocity, and Location
- PIN, Token, and Biometric only
- Password, SMS OTP, and Device fingerprint only
Correct answer: Knowledge, Possession, and Inherence
PSD2 SCA requires authentication using at least two of three independent factors: something you know (Knowledge), something you have (Possession), and something you are (Inherence).
Question 6: In the context of card network rules, what does 'interchange reimbursement fee' represent?
- A fee paid by the card network to the issuer for processing infrastructure costs
- A fee paid by the acquirer/merchant to the issuer for facilitating a card transaction (Correct answer)
- A penalty fee assessed to merchants with high fraud rates
- A fee charged by card networks to consumers for foreign transactions
Correct answer: A fee paid by the acquirer/merchant to the issuer for facilitating a card transaction
Interchange is a fee paid by the acquirer (on behalf of the merchant) to the issuing bank as compensation for the payment guarantee and funding costs inherent in card transactions.
Question 7: The Mastercard Excessive Fraud Merchant (EFM) program monitors merchants based on which metric combination?
- Total fraud dollars and chargeback count
- Fraud-to-sales ratio and total fraud transactions exceeding thresholds (Correct answer)
- Number of declined transactions and authorization rate
- Average ticket size and monthly transaction volume
Correct answer: Fraud-to-sales ratio and total fraud transactions exceeding thresholds
The EFM program uses a combination of the merchant's fraud-to-sales ratio and the total count of fraudulent transactions against defined monthly thresholds to identify high-risk merchants.
APRP APRP Industry Standards 5
Which organization publishes the Operating Rules that govern ACH Network transactions in the United States?