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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

  1. What is 'screen scraping' in the context of fintech and digital banking?

    Answer: Automatically extracting data from a bank's website by logging in as the user

    Screen scraping involves a third-party service using the customer's credentials to log into their bank account and collect data, which is considered risky compared to API-based data sharing.

  2. Which federal agency insures deposits at FDIC-member digital banks up to $250,000 per depositor?

    Answer: The FDIC

    The Federal Deposit Insurance Corporation (FDIC) insures deposits at member institutions, including digital banks, up to $250,000 per depositor per ownership category.

  3. A bank uses machine learning to flag unusual transactions in real time. This system is most commonly used for:

    Answer: Fraud detection and prevention

    Machine learning fraud detection systems analyze transaction patterns and flag anomalies in real time, helping banks stop fraudulent activity before it causes harm.

  4. What is the function of a 'banking aggregator' app such as Mint or Personal Capital?

    Answer: It connects to multiple bank accounts and presents a unified financial dashboard

    Banking aggregators link to multiple financial institutions and consolidate a user's accounts, transactions, and balances into one interface for budgeting and analysis.

  5. Which type of cyberattack involves criminals sending fake emails disguised as legitimate bank communications to steal login credentials?

    Answer: Phishing

    Phishing attacks use deceptive emails or messages that appear to come from trusted sources like banks, tricking users into revealing their login credentials.

  6. In digital banking, what does ACH stand for?

    Answer: Automated Clearing House

    The Automated Clearing House (ACH) is the electronic network used in the U.S. for processing direct deposits, bill payments, and bank-to-bank transfers.

  7. What security feature uses a customer's fingerprint or facial recognition to authenticate their identity in a mobile banking app?

    Answer: Biometric authentication

    Biometric authentication uses unique physical characteristics such as fingerprints, facial features, or voice patterns to verify a user's identity.