Which international standard is widely used globally for formatting EDI messages across different industries?
Both UN/EDIFACT (developed by the United Nations) and ANSI X12 (predominantly in North America) are widely recognized international standards for structured EDI documents.
What is the primary function of a Value-Added Network (VAN) in EDI applications?
A VAN (Value-Added Network) is a private clearinghouse network that securely receives, validates, and routes EDI documents between trading partners.
Which threat to electronic payment systems involves copying magnetic stripe information from a physical payment card using a fraudulent device?
Card Skimming involves installing a illicit reading device on ATMs or POS terminals to capture magnetic stripe data and PINs from debit/credit cards.
What does KYC stand for in digital banking and e-wallet onboarding in India?
KYC (Know Your Customer) is a mandatory identity verification process performed by financial institutions and digital wallets to prevent identity theft, financial fraud, and money laundering.
Which digital payment technology operates on Near Field Communication (NFC) allowing users to pay by tapping their card or smartphone against a terminal?
Contactless payments utilize NFC (Near Field Communication) short-range radio technology to transmit transaction data securely when a card/phone is held close to a point-of-sale terminal.