Chapter 10: Safe use of Payment Products

Question 1

Paper transaction order

Answer 1

• Payment order forms issued by banks are signed by the account holder
• Signature is compared with the one on file

Question 2

Debit card

Answer 2

• Chip confirms the account details
• Pin confirms identity
• Based on EMV standard (Europay, MC, Visa)
• Instances of fraud/card loss must be reported to bank

Question 3

Credit card

Answer 3

Credit cards use the EMV chip with the CCV number and a pin/password

Question 4

Internet banking / Mobile Banking

Answer 4

Makes it possible to access all sorts of accounts, abuse can be very bad

Systems use login details and pin codes/access codes

Question 5

Authorization

Answer 5

EU direct debit order has become more secure using standard security procedure between account holder and receiver

Account holder can arrange for payments to be reversed