CRB CRB Digital Banking & Technology 1 — Questions and Answers
Question 1: Which authentication method is considered the most secure for online banking access?
- Single-factor password
- Multi-factor authentication (MFA) (Correct answer)
- Security questions only
- PIN-only access
Correct answer: Multi-factor authentication (MFA)
Multi-factor authentication combines two or more verification methods, significantly reducing unauthorized access risks.
Question 2: What does the term 'omnichannel banking' refer to?
- Offering only mobile banking services
- Providing a seamless experience across all banking channels (Correct answer)
- Operating exclusively through ATMs
- Limiting services to in-branch transactions
Correct 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.
Question 3: A customer reports they cannot access their mobile banking app after a recent update. What is the FIRST step a retail banker should take?
- Advise the customer to change their password immediately
- Verify the customer's identity and check for known system issues (Correct answer)
- Transfer the customer to IT support without further assistance
- Close the customer's account for security reasons
Correct 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.
Question 4: What is the primary purpose of a bank's core banking system?
- To manage employee payroll
- To process and record all daily banking transactions centrally (Correct answer)
- To generate marketing campaigns
- To handle only mortgage applications
Correct 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.
Question 5: Which regulation primarily governs electronic fund transfers and consumer rights in the US?
- Gramm-Leach-Bliley Act
- Electronic Fund Transfer Act (EFTA) (Correct answer)
- Bank Secrecy Act
- Community Reinvestment Act
Correct 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.
Question 6: What is 'phishing' in the context of digital banking threats?
- A method of fishing for new customers via email marketing
- A fraudulent attempt to obtain sensitive information by impersonating a trusted entity (Correct answer)
- A software update process for banking applications
- A technique for detecting money laundering
Correct 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.
CRB CRB Digital Banking & Technology 1
Which authentication method is considered the most secure for online banking access?