CTP Payment Systems and Technology 4

Question 1

A positive pay service is designed to protect against which specific type of payment fraud?

Accepted Answer

Check fraud through altered payee or amount

Answer

Positive pay matches checks presented for payment against an issued-check file; any discrepancy in payee or amount triggers a pay/no-pay decision.

Question 2

ACH debit blocks and debit filters are bank services that primarily protect against:

Accepted Answer

Unauthorized ACH debits initiated by external parties

Answer

ACH debit blocks reject all ACH debits from the account, while filters allow only pre-authorized company IDs to debit, preventing unauthorized pulls.

Question 3

Business email compromise (BEC) most commonly targets which payment type in corporate treasury?

Accepted Answer

Outbound wire transfers by tricking employees into changing payment instructions

Answer

BEC fraud typically involves fraudsters impersonating executives or vendors via email to redirect large outbound wire transfers to fraudulent accounts.

Question 4

Under Regulation E, which account type receives the strongest consumer protections for unauthorized electronic fund transfers?

Accepted Answer

Consumer deposit accounts

Answer

Regulation E applies exclusively to consumer accounts, providing strict liability limits and dispute rights not available to commercial account holders.

Question 5

The dual-control requirement in payment processing means:

Accepted Answer

One person initiates the payment and a different person authorizes it before release

Answer

Dual control (segregation of duties) requires separate individuals to initiate and approve payments, preventing a single fraudster or error from executing unauthorized transfers.

Certified Treasury Professional Exam Practice Test

Certified Treasury Professional Exam Practice Test

CTP Payment Systems and Technology 4