APRP Payment Systems & Technology 3

Question 1

In a card transaction, which entity is responsible for performing fraud scoring and making the authorization decision on behalf of the card issuer?

Accepted Answer

Payment processor / issuer authorization system

Answer

The issuer or its processor runs real-time fraud models and decides to approve, decline, or refer each authorization request.

Question 2

What does the term 'interchange' refer to in card payment economics?

Accepted Answer

The fee the acquirer pays to the issuer for each card transaction

Answer

Interchange is the fee the merchant's acquiring bank pays to the cardholder's issuing bank, representing the largest component of card acceptance cost.

Question 3

Which clearing file format is used by the Federal Reserve's FedACH service to exchange batch payment instructions between financial institutions?

Accepted Answer

NACHA CCD/PPD flat file

Answer

FedACH uses the NACHA-defined fixed-length flat file format, where CCD (corporate credit/debit) and PPD (prearranged payment/deposit) are common SEC codes.

Question 4

A fraudster calls a bank pretending to be a customer and convinces the agent to change the account's registered phone number. This attack best exemplifies:

Accepted Answer

Vishing with social engineering

Answer

Vishing (voice phishing) combined with social engineering manipulates human agents to make unauthorized account changes without technical compromise.

Question 5

Under Regulation E, a consumer must report an unauthorized EFT within how many business days to limit liability to $50?

Accepted Answer

2 business days

Answer

Regulation E limits consumer liability to $50 if the unauthorized transfer is reported within 2 business days of learning of the loss or theft.

APRP - Accredited Payments Risk Professional Practice Test

APRP - Accredited Payments Risk Professional Practice Test

APRP Payment Systems & Technology 3