NAB Digital Banking 1 — Questions and Answers
Question 1: What is two-factor authentication in online banking?
- A security process requiring two different forms of verification to access an account (Correct answer)
- Using two different passwords
- Logging in from two devices
- Having two bank accounts
Correct answer: A security process requiring two different forms of verification to access an account
Two-factor authentication adds an extra security layer by requiring something you know (password) plus something you have (phone for a code) or something you are (fingerprint).
Question 2: What should you do if you suspect unauthorized transactions on your account?
- Contact your bank immediately to report the suspicious activity and freeze the account if necessary (Correct answer)
- Wait to see if more transactions appear
- Only check at the end of the month
- Ignore small unauthorized charges
Correct answer: Contact your bank immediately to report the suspicious activity and freeze the account if necessary
Immediate reporting limits your liability for unauthorized transactions and allows the bank to investigate and prevent further fraud.
Question 3: What is a phishing attack in the context of banking?
- A fraudulent attempt to obtain sensitive information by disguising as a trustworthy entity (Correct answer)
- A type of bank fee
- A legitimate bank communication
- An investment strategy
Correct answer: A fraudulent attempt to obtain sensitive information by disguising as a trustworthy entity
Phishing uses fake emails, texts, or websites that appear to be from your bank to trick you into revealing passwords, account numbers, or other sensitive data.
Question 4: What is mobile check deposit?
- A feature allowing you to deposit checks by photographing them with your smartphone (Correct answer)
- A type of mobile payment
- A checking account for mobile phones
- A fee for using mobile banking
Correct answer: A feature allowing you to deposit checks by photographing them with your smartphone
Mobile check deposit lets you photograph both sides of a check with your phone's camera and submit the images through your banking app for deposit.
Question 5: What is a peer-to-peer (P2P) payment service?
- A platform that allows individuals to send money directly to each other electronically (Correct answer)
- A bank-to-bank wire transfer
- A business payment processing system
- A type of cryptocurrency
Correct answer: A platform that allows individuals to send money directly to each other electronically
P2P services like Venmo, Zelle, and PayPal allow individuals to transfer money directly to each other using email addresses or phone numbers.
Question 6: What precautions should you take when using public Wi-Fi for banking?
- Avoid banking on public Wi-Fi, or use a VPN to encrypt your connection (Correct answer)
- Public Wi-Fi is always safe for banking
- Only use free Wi-Fi at restaurants
- There are no risks with public Wi-Fi
Correct answer: Avoid banking on public Wi-Fi, or use a VPN to encrypt your connection
Public Wi-Fi networks can be monitored by hackers. Using a VPN encrypts your data, or better yet, use your cellular connection for sensitive banking activities.
NAB Digital Banking 1
What is two-factor authentication in online banking?