Bank Code Security Flashcards
6 cards from real Bank Code practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Bank Code Security flashcards as text
What is a 'man-in-the-middle' attack in the context of bank wire transfers?
Answer: An attacker intercepting and altering wire transfer instructions
A man-in-the-middle attack intercepts wire transfer communications and alters the destination routing or account numbers to redirect funds.
What is 'business email compromise' (BEC) as it relates to bank routing codes?
Answer: Fraudulent emails tricking employees into wiring funds to attacker-controlled accounts
BEC involves fraudulent emails impersonating executives or vendors to trick employees into changing routing numbers and wiring funds to attacker-controlled accounts.
Which simple security practice best protects businesses from fraudulent routing number change requests?
Answer: Calling back on a known phone number to verify routing changes
Calling back a vendor or employee on a previously verified phone number (not one provided in the suspicious email) is the most effective way to confirm routing changes.
What does 'positive pay' help protect against in US banking?
Answer: Check fraud by verifying check details before clearing
Positive pay is a check fraud prevention service where the bank matches issued check details (number, amount, payee) against presented checks before clearing them.
If a wire transfer is sent to a fraudulent account, what is the typical recovery outcome?
Answer: Recovery is difficult and often unsuccessful once funds are withdrawn
Recovery of fraudulent wire transfers is often difficult because funds are quickly moved or withdrawn, and wires are not automatically reversible like ACH transactions.
What is 'synthetic identity fraud' as it applies to bank account and routing numbers?
Answer: Combining real and fake personal information to open fraudulent bank accounts
Synthetic identity fraud combines real information (like a Social Security number) with fictitious details to create fake identities used to open bank accounts.