MP2 - Flashcard 3 - Less 2.5 & 2.6

Front

What is the oldest person-to-person payment service?

Back

PayPal

Front

What are alternative financial services for someone without a traditional bank account?

Back

Prepaid debit cards, check cashing services, money orders, payday loans, and mobile banking apps.

Front

What is a common misconception about online bill pay?

Back

Banks require that you have a savings account in order to use bill pay.

Front

Which method is NOT commonly used for payment verification?

Back

Social Media Login.

Front

What is a poor practice for online banking safety?

Back

Keeping your passwords on your phone as a backup.

Front

What is 2 Factor Authentication?

Back

A security process in which the user provides two different authentication factors to verify themselves.

Front

What is biometric authentication?

Back

A method of verifying a user's identity based on their unique biological characteristics, such as fingerprints or facial recognition.

Front

What is a one-time password (OTP)?

Back

A password that is valid for only one login session or transaction.

Front

What is the purpose of online bill pay?

Back

To allow users to pay bills electronically, helping to meet payment deadlines.

Front

What is a prepaid debit card?

Back

A card that is preloaded with a specific amount of money and can be used for purchases until the balance is depleted.