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Glossary

SAQ
Self Assesment Questionnaire’ is a validation tool for organizations that are not required to undergo an on-site assessment for their PCI-DSS compliance.
Scheme
Section 75
A provision within the Consumer Credit Act 1974 that makes a cardholder's credit card company jointly liable with the merchant for any purchases made on a credit card between £100 and £30,000. This protection does not apply to payments made with credit card cheques.
Secured credit
Secured credit is an extension of credit that is secured with collateral of some type (car loans and mortgages for example). If you don’t meet your payment obligations, the item securing the loan or extension of credit can be foreclosed on or repossessed.
Settlement
The action by an acquirer of paying the value of merchants’ card payments into their nominated bank accounts.
Signature verification
Checking a cardholder’s identity by comparing his/her signature with the one on the back of a card.
Skimming
This is a method of stealing credit card information by using a small, handheld electronic device that scans and stores card data from the magnetic strip. It can be done manually by an employee whilst the card is out of sight (usually at restaurants or bars) or by criminals who place a skimming device on top of a regular credit card reader and retrieve it later. The stolen credit card information can be used to make fraudulent purchases online or for cloning.
Store card
A payment card limited in its use to a specified retailer or group of retailers. Some cards include the facility to withdraw cash from cash machines. Also sometimes known as a Retailer Card.
Stored-value Card
Summary box
A standard format for providing a brief summary of the key features of a credit card, which is available on all credit card marketing materials and credit card statements. A Summary Box can be used to easily compare different products and to remind cardholders of the features of their credit cards.
Supervisor
On approval of a debtor's proposal the debtor’s nominee is usually appointed as Supervisor, unless the creditors at the meeting have voted otherwise. The Licensed Insolvency Practitioner will act as Supervisor throughout the duration of the Individual Voluntary Arrangement. The Supervisor will abide by the terms of the proposal and normally will work in a number of different ways to assist the debtor in coming to terms with his basic situation.
Swipe
A card is swiped when it is passed through an electronic POS terminal and the magnetic stripe is read.
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