Digital Banking Flashcards
7 cards from real Banking practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Digital Banking flashcards as text
A bank's chatbot uses artificial intelligence to answer customer questions about balances and transactions. This technology is best described as:
Answer: Conversational AI / virtual assistant
Conversational AI virtual assistants use natural language processing to understand and respond to customer inquiries in real time through text or voice interfaces.
Which of the following is a common method banks use to verify a new customer's identity during digital onboarding?
Answer: Document scanning with AI-powered liveness detection
Modern digital KYC onboarding uses AI to scan government-issued IDs and liveness detection to confirm the person is physically present, not using a photo.
What is 'BaaS' (Banking as a Service) in the fintech ecosystem?
Answer: A model where licensed banks provide their banking infrastructure to non-bank companies via APIs
Banking as a Service (BaaS) allows fintech companies and other businesses to offer financial products by connecting to a licensed bank's infrastructure through APIs.
A customer receives an alert that their debit card was used at a gas station skimmer. The criminal copied card data using a device physically attached to the card reader. This attack is called:
Answer: Card skimming
Card skimming involves attaching a device to ATMs or point-of-sale terminals that reads and copies magnetic stripe data from cards inserted by unsuspecting victims.
Which U.S. agency has authority to supervise and enforce consumer financial protection laws against banks and large fintech companies?
Answer: The Consumer Financial Protection Bureau (CFPB)
The CFPB was created by the Dodd-Frank Act to supervise financial companies and enforce consumer protection laws in areas such as mortgages, credit cards, and digital payments.
What does 'SIM swapping' allow a cybercriminal to do in a digital banking attack?
Answer: Convince a carrier to transfer the victim's phone number to the attacker's SIM, intercepting SMS authentication codes
SIM swapping hijacks a victim's phone number by tricking the mobile carrier, allowing attackers to receive SMS-based 2FA codes and gain access to bank accounts.
A bank offers a feature that automatically rounds up each debit purchase to the nearest dollar and transfers the difference to a savings account. This is an example of:
Answer: Micro-savings or round-up automation
Micro-savings tools like round-up automation help customers save small amounts passively by automatically transferring spare change from everyday purchases.