Practice Test Geeks(NAB) National Australia Bank Practice Test
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Fraud Prevention Flashcards

7 cards from real NAB practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Fraud Prevention flashcards as text

  1. What is 'deepfake fraud' in the context of financial crime?

    Answer: The use of AI-generated audio or video to impersonate executives or customers to authorise fraudulent transactions

    Deepfake fraud uses AI-generated synthetic media to convincingly impersonate real people, including bank executives, to trick employees or systems into approving fraudulent transfers.

  2. A customer asks NAB why they are required to provide the purpose of a large international wire transfer. What is the primary reason?

    Answer: It helps NAB comply with AML/CTF obligations by identifying potentially suspicious or illicit fund flows

    Documenting the purpose of large or international transfers is a core AML/CTF compliance requirement to detect and prevent money laundering and terrorism financing.

  3. Which feature of NAB's mobile banking app is specifically designed to help customers quickly respond to a suspected fraudulent transaction?

    Answer: The ability to instantly lock or freeze their card via the app

    NAB's app allows customers to instantly lock their card if they suspect fraud, preventing further unauthorised transactions while the issue is investigated.

  4. What does 'structuring' (also called 'smurfing') mean in the context of financial fraud?

    Answer: Breaking large sums of money into smaller transactions to avoid mandatory reporting thresholds

    Structuring involves deliberately splitting transactions into amounts below reporting thresholds (e.g., $10,000 in Australia) to evade AML reporting requirements.

  5. A NAB fraud analyst notices a customer made 15 transactions of $990 each to different payees over two days. Why is this flagged as suspicious?

    Answer: The pattern resembles structuring — keeping each transaction below the $1,000 reporting threshold

    Making multiple transactions just below a round-number reporting threshold (like $1,000) is a classic structuring indicator associated with money laundering.

  6. What is the role of AUSTRAC in Australia's fraud and financial crime landscape?

    Answer: It is the government agency that regulates and monitors financial transactions to detect money laundering and terrorism financing

    AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's financial intelligence agency, responsible for detecting and disrupting money laundering and terrorism financing.

  7. When a NAB customer reports they have been a victim of an investment scam, what is typically the most challenging aspect of recovering their funds?

    Answer: Funds are usually transferred offshore quickly and layered through multiple accounts, making recovery extremely difficult

    Fraudsters move funds rapidly across multiple accounts and jurisdictions, making tracing and recovery extremely difficult once an authorised payment is made.