General Awareness-Banking Industry TMB 2024

What is the main advantage of online banking?

• Higher fees

• Convenience and accessibility

• Limited transaction options

• Lower security measures

How can credit cards help in building a good credit score?

• Credit cards can help build a good credit score by showcasing responsible credit management through on-time payments and low credit utilization.

• Credit cards can help build a good credit score by maxing out the credit limit

• Credit cards can help build a good credit score by missing payments regularly

• Credit cards can help build a good credit score by applying for multiple cards at once

Which regulatory body oversees banking regulations in the United States?

• Federal Reserve System

• Securities and Exchange Commission

• Department of Justice

• Internal Revenue Service

What are some common security measures in mobile banking?

• Two-factor authentication, biometric authentication, encryption, secure login credentials, software updates, monitoring for suspicious activities

• Storing login credentials in plain text

• Using public Wi-Fi for transactions

• Social media sharing

What is two-factor authentication in online banking?

• Two-factor authentication is a process that only requires one authentication factor

• Two-factor authentication in online banking is a security process that requires users to provide two different authentication factors to verify their identity before accessing their accounts.

• Two-factor authentication is a feature that allows unlimited access to accounts without verification

• Two-factor authentication involves sharing passwords with friends for verification

What is the purpose of a CVV number on a credit card?

• To track the cardholder's spending habits

• To provide discounts on future purchases

• To provide an additional layer of security for online or over-the-phone transactions.

• To determine the cardholder's credit limit

What are some benefits of using mobile banking apps?

• Inconvenient fund transfers

• Some benefits of using mobile banking apps include convenience, accessibility, real-time updates, security features like biometric authentication, easy fund transfers, and 24/7 access to account information.

• Limited access to account information

• No security features

What is phishing and how does it relate to online banking?

• Phishing is a cyber attack where scammers deceive individuals into revealing sensitive information, posing a threat to online banking security.

• Phishing is a type of online banking software

• Phishing is a security feature used in online banking

• Phishing is a type of fishing activity related to online banking

What is the difference between a debit card and a credit card?

• A debit card is linked to your bank account and deducts money directly, while a credit card allows you to borrow money up to a limit and pay it back later with interest.

• A debit card is used for online shopping only, while a credit card is for in-store purchases.

• A debit card requires a credit check, while a credit card does not.

• A debit card has a higher interest rate than a credit card.

What is the importance of the Truth in Savings Act in banking regulations?

• It restricts customers from accessing their funds

• It allows banks to hide fees from customers

• It ensures transparency and helps customers make informed decisions.

• It increases interest rates for customers