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Fraud
Contactless transactions have grown rapidly, but can a payment really be made from your wallet without your knowledge? Here is what the actual risks and safeguards look like.
Payment Systems
No, they cannot use your entire card limit. In addition to special controls for contactless cards, contactless-enabled cards have limited payment amounts.
Online & Authorization
F53 - PIN Encryption Control Information. When online PIN data is present, sending the F53 value is mandatory, except when DUKPT information is carried in Field 63, Tag 01. F53 consists of the following components.
Merchant & POS
An offline transaction is one approved by the card and the POS themselves, without going to any system (the card's bank or the POS's bank), when a chip card transaction is made at a POS. For this reason, some sectors considered risky are restricted.
Credit Card
CVR (Card Verification Results) refers to the results of checks performed on the card. In short, it can be described as keeping the card's transaction log. BYTE 1 Bit 8-7: 00 = The second GENERATE AC command returned an AAC cryptogram (decline)...
Contactless
You can tell whether a card supports contactless payments by the four wave symbols printed on it. If the wave symbol is present, your card supports contactless transactions. If not, contact your bank for a new card.
Merchant & POS
MIV stands for Central Merchant Database. The MIV Module collects information on merchants across Turkey and the TRNC that have card acceptance agreements with BKM members, and assigns each merchant a unique number for tracking purposes.
ATM
At payment points such as ATMs and POS terminals, the most critical step is PIN verification or verifying the customer through their identity information. However, since ATMs cannot verify a customer's identity, PIN verification becomes more important. So how is it performed?
Credit Card
You can withdraw cash from an ATM using your credit card by accessing your account. The prerequisite is that a current account must be linked to your card. If not, only limited functions are available.
HSM & Security
HSM, short for Hardware Security Module, is specialized security hardware built to store sensitive cryptographic keys in a physical environment and to perform cryptographic operations in the most secure way.
Cryptocurrency
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
ISO 8583
F54 - ADDITIONAL AMOUNTS is the additional amount field used in transactions. It can take different values depending on the transaction, such as carrying account balance information for balance inquiries.