Preview Questions Fraud Analyst | Role Specific Skill

Question 1: Under the Regulation E of the Electronic Fund Transfer Act, which action must financial institutions take after identifying unauthorized transactions?

Which action should you take?

Choose only one option

Report to the Financial Crimes Enforcement Network (FinCEN)

Block the account for 24 hours

Automatically reverse the transaction within 48 hours

Provide immediate notification to the customer

Question 2: Which of the following methods is most useful for detecting a coordinated fraud attack involving multiple accounts and institutions?

Which action should you take?

Choose only one option

Statistical outlier detection

Predictive modeling using customer profiles

Social network analysis

Comparing transaction history with external fraud databases

Question 3: What is the most effective way to identify an increased risk of fraud based on changes in transaction patterns across multiple accounts?

Which action should you take?

Choose only one option

Use a decision tree to categorize accounts

Identify outliers in transaction sizes

Conduct cluster analysis on transaction types

Track changes in account holder behavior

Question 4: What action must be taken when a suspicious transaction is detected under the Anti-Money Laundering (AML) laws?

Which action should you take?

Choose only one option

The transaction should be ignored if it falls within expected patterns

The customer's account must be frozen immediately without further analysis

The transaction must be processed but flagged for further review

A Suspicious Activity Report (SAR) must be filed with the authorities

Question 5: What is the first step in reporting an internal fraud incident to regulatory authorities?

Which action should you take?

Choose only one option

Draft a Suspicious Activity Report (SAR)

Secure all evidence for an audit trail

Notify legal and compliance teams for guidance

Prepare a detailed internal report for management

Question 6: What is the most effective way to identify risks associated with cross-border transactions?

Which action should you take?

Choose only one option

Tracking only the country of origin

Monitoring the time of day the transaction occurs

Analyzing the transaction amount relative to the customer's profile

Using geographic data in conjunction with other risk indicators