NAB Fraud Prevention 5

Question 1

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

Accepted Answer

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

Answer

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

Question 2

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

Accepted Answer

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

Answer

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

Question 3

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

Accepted Answer

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

Answer

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

Question 4

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

Accepted Answer

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

Answer

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

Question 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?

Accepted Answer

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

Answer

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

(NAB) National Australia Bank Practice Test

(NAB) National Australia Bank Practice Test

NAB Fraud Prevention 5