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

Merchants are categorized into levels based on their transaction volume. A merchant processing 1 to 6 million transactions annually is classified as a Level 2 merchant. The primary requirement for Level 2 merchants is to complete an annual Self-Assessment Questionnaire (SAQ) to self-evaluate their PCI DSS compliance. While quarterly scans and other measures are also required, the SAQ is the core validation method for this level.

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

When a merchant receives a chargeback, the first step is to investigate the claim. This involves reviewing transaction records, shipping confirmations, and any communication with the customer. If the merchant has compelling evidence that the transaction was valid and the merchandise was delivered, they can dispute the chargeback. Immediately refunding without investigation can lead to unnecessary losses, especially in cases of 'friendly fraud'.

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

Segregation of duties is a fundamental principle of internal control. By dividing the responsibilities for cash handling (receiving payments), record-keeping (applying payments), and reconciliation (comparing deposits to records), a company creates a system of checks and balances that significantly reduces the risk of fraud and error. Assigning all tasks to one person creates a significant opportunity for misappropriation.

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

Payment processors charge fees for their services, which are typically deducted from the batch of transactions before the net amount is deposited into the merchant's account. This is a very common reason for differences between gross sales and net deposits during reconciliation. While the other options are possible, processing fees are an expected and regular part of the process.

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

Card-Not-Present (CNP) fraud occurs when a transaction is made without the physical card being present, such as in e-commerce or telephone orders. Criminals use stolen card numbers, expiration dates, and security codes to make unauthorized purchases.

CRCT - Certified Revenue Control Technician Practice Test

CRCT - Certified Revenue Control Technician Practice Test

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