CES Payment Processing & Security 3

Question 1

What is friendly fraud in ecommerce?

Accepted Answer

When a legitimate customer files a false chargeback after receiving goods

Answer

When a fraudster uses a stolen card to purchase items

Answer

When a merchant overcharges a customer accidentally

Answer

When a payment processor applies incorrect fees

Question 2

What does EMV stand for in the context of payment card technology?

Accepted Answer

Europay, Mastercard, and Visa

Answer

Electronic Merchant Verification

Answer

Encrypted Mobile Value

Answer

Enhanced Multi-factor Validation

Question 3

Which type of payment fraud involves a criminal using stolen card information to make unauthorized purchases online?

Accepted Answer

Card-not-present (CNP) fraud

Answer

Skimming fraud

Answer

Phishing fraud

Answer

Identity cloning

Question 4

What is a payment processor's role in an ecommerce transaction?

Accepted Answer

It handles the technical transfer of transaction data between the merchant, card networks, and banks

Answer

It stores customer card data on behalf of the merchant

Answer

It issues credit cards directly to consumers

Answer

It sets the interchange fee rates for all transactions

Question 5

What is interchange fee in ecommerce payment processing?

Accepted Answer

A fee paid by the merchant's bank to the customer's card-issuing bank per transaction

Answer

A fee charged by the payment gateway for monthly account maintenance

Answer

A penalty fee assessed when a merchant exceeds chargeback thresholds

Answer

A fee paid by customers for using premium credit card rewards programs

Question 6

Which security measure requires customers to enter a one-time code sent to their phone during checkout to verify their identity?

Accepted Answer

Two-factor authentication (2FA)

Answer

CVV verification

Answer

Address verification system

Answer

SSL handshake