CRB Digital Banking & Technology Flashcards

Which authentication method is considered the most secure for online banking access?

Answer: Multi-factor authentication (MFA)

Multi-factor authentication combines two or more verification methods, significantly reducing unauthorized access risks.

What does the term 'omnichannel banking' refer to?

Answer: Providing a seamless experience across all banking channels

Omnichannel banking integrates branch, online, mobile, and ATM channels so customers experience consistent, connected service across all touchpoints.

A customer reports they cannot access their mobile banking app after a recent update. What is the FIRST step a retail banker should take?

Answer: Verify the customer's identity and check for known system issues

Verifying identity and checking for known outages ensures the banker addresses the real issue efficiently before escalating.

What is the primary purpose of a bank's core banking system?

Answer: To process and record all daily banking transactions centrally

The core banking system centralizes transaction processing, account management, and record-keeping across all branches in real time.

Which regulation primarily governs electronic fund transfers and consumer rights in the US?

Answer: Electronic Fund Transfer Act (EFTA)

The Electronic Fund Transfer Act establishes consumer rights and liability limits for electronic transactions including debit cards and ATM use.

What is 'phishing' in the context of digital banking threats?

Answer: A fraudulent attempt to obtain sensitive information by impersonating a trusted entity

Phishing involves deceptive communications that trick customers into revealing credentials or personal data to fraudulent actors.