NAB Fraud Prevention 1

Question 1

What is identity theft?

Accepted Answer

The unauthorized use of someone's personal information for financial gain

Answer

Identity theft involves criminals using stolen personal information to open accounts, make purchases, or commit crimes in the victim's name.

Question 2

What are common signs of a phishing email?

Accepted Answer

Urgent language, misspelled sender addresses, requests for personal information, and suspicious links

Answer

Phishing emails often create false urgency, come from slightly misspelled addresses, ask for sensitive data, and contain links to fake websites.

Question 3

What should you do if you suspect your bank account has been compromised?

Accepted Answer

Contact your bank immediately, change passwords, and monitor accounts for unauthorized activity

Answer

Immediate action limits damage: contact the bank to freeze suspicious activity, change all related passwords, and monitor statements for unauthorized transactions.

Question 4

What is a Ponzi scheme?

Accepted Answer

A fraudulent investment that pays returns to earlier investors using new investors' money rather than profits

Answer

Ponzi schemes appear to generate returns but actually use new investors' money to pay earlier investors, eventually collapsing when new investment slows.

Question 5

What is chip technology in credit and debit cards?

Accepted Answer

An embedded microchip that creates a unique transaction code for each purchase, reducing fraud

Answer

EMV chip cards generate a unique one-time code for each transaction, making it much harder to create counterfeit cards compared to magnetic stripe technology.

(NAB) National Australia Bank Practice Test

(NAB) National Australia Bank Practice Test

NAB Fraud Prevention 1