Frauds in Banking

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What was the name of the RBI booklet on the strategies used by financial fraudsters?

“BE(A)LIVE”

“BE(A)WAKE”

“BE(A)WARE”

“BE(C)ONSCIOUS”

Which of the following is NOT a method/security used to secure payment systems?

Biometric Authentication

Tokenization

Public Key Infrastructure (PKI)

Vishing

Which technology replaces sensitive payment information, like card numbers, with unique codes to enhance security during transactions?

Encryption

Tokenization

Biometric Authentication

Two-Factor Authentication

What is the main advantage of using Dynamic CVV over static CVV for payment security?

It uses biometric data for authentication.

It generates a new code periodically, reducing the risk of fraud.

It requires two-factor authentication for transactions.

It encrypts the cardholder’s data end-to-end.

What is a common technique used by fraudsters to steal user credentials like PINs and OTPs?

Tokenization

Phishing

Dynamic CVV

Biometric Authentication