CRCT - Certified Revenue Control Technician Transaction and Payment Processing Questions and Answers

Question 1

A retail merchant processes approximately 2 million credit card transactions annually.
According to the Payment Card Industry Data Security Standard (PCI DSS), which of the following is the primary requirement for this merchant to validate their compliance?

Accepted Answer

Completing an annual Self-Assessment Questionnaire (SAQ).

Answer

Completing an annual Report on Compliance (ROC) by a Qualified Security Assessor (QSA).

Answer

Submitting to quarterly network scans by an Approved Scanning Vendor (ASV) only.

Answer

Undergoing a mandatory on-site audit by the major card brands.

Question 2

A customer service representative at a mid-sized company receives a call from a customer disputing a charge on their credit card statement, claiming they never received the merchandise. This initiates a chargeback process. What is the company's first course of action upon receiving the chargeback notification?

Accepted Answer

Review the transaction details and gather evidence to dispute the chargeback if it's deemed legitimate.

Answer

Immediately issue a full refund to the customer to maintain good will.

Answer

Contact the customer directly to offer a discount on a future purchase.

Answer

Ignore the notification as these are typically resolved by the bank.

Question 3

To ensure strong internal controls over cash receipts and prevent fraud, which of the following practices is most effective?

Accepted Answer

Segregating duties so that different individuals are responsible for receiving, recording, and reconciling cash.

Answer

Assigning one trusted employee to handle all aspects of cash transactions, from receipt to deposit.

Answer

Making bank deposits on a weekly basis to minimize trips to the bank.

Answer

Using a single-part receipt book to record all cash sales.

Question 4

A revenue control technician is performing a daily reconciliation of credit card transactions. They notice that the total amount deposited into the company's bank account from the payment processor is less than the total sales recorded in the point-of-sale (POS) system for that day. Which of the following is the most likely reason for this discrepancy?

Accepted Answer

The deduction of processing fees by the payment processor.

Answer

An error in the POS system overstating the sales figures.

Answer

A delay in the settlement of funds from the processor to the bank.

Answer

Unauthorized discounts given by a cashier.

Question 5

Which of the following describes 'Card-Not-Present' (CNP) fraud?

Accepted Answer

A criminal using stolen credit card information to make purchases online or over the phone.

Answer

An employee stealing cash from the register and covering it with fraudulent voids.

Answer

A fraudster using a physical, counterfeit credit card at a retail store.

Answer

A customer disputing a legitimate charge after receiving the goods or services.

Question 6

A company is implementing a new system for processing customer payments received by mail. To strengthen internal controls, they decide to use a lockbox system. How does a lockbox system improve control over cash receipts?

Accepted Answer

It directs customer payments to a post office box controlled by the bank, which reduces employee access to cash.

Answer

It eliminates the need for daily bank deposits.

Answer

It allows the accounts receivable clerk to have direct access to customer payments for faster processing.

Answer

It automatically reconciles payments with customer invoices without human intervention.

A retail merchant processes approximately 2 million credit card transactions annually.According to the Payment Card Industry Data Security Standard (PCI DSS), which of the following is the primary requirement for this merchant to validate their compliance?

A retail merchant processes approximately 2 million credit card transactions annually.
According to the Payment Card Industry Data Security Standard (PCI DSS), which of the following is the primary requirement for this merchant to validate their compliance?