Payment Systems | Compliance Alliance

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Question 1 of 10

1. Question
1. What is credit risk in the context of payment systems?
A. The risk that a party will not have sufficient funds to meet its payment obligations on time.
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B. The risk of loss due to errors, fraud, or system failures.
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C. The risk that a party involved in a transaction will not be able to fulfill its payment obligations.
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D. The risk of damage to an institution's reputation due to problems with its payment systems.
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Question 2 of 10

2. Question

Which of the following is NOT a type of payment system?

A. Wire Transfers
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B. Automated Clearing House (ACH)
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C. Stock Options
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D. Mobile Payments
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Question 3 of 10

3. Question

What is the primary purpose of business continuity planning in payment systems?

A. To prevent fraud.
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B. To ensure compliance with regulations.
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C. To ensure that payments systems can continue operating in the event of disruptions.
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D. To mitigate reputational risk.
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Question 4 of 10

4. Question
1. Which of the following is a key cybersecurity measure for protecting payment systems?
A. Strong internal controls.
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B. Insurance.
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C. Encryption and tokenization.
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D. Compliance with regulations.
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Question 5 of 10

5. Question
1. What is a chargeback?
A. Generated when a cardholder disputes a transaction or when the merchant does not follow procedures.
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B. A fee charged by a bank for processing a payment.
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C. A type of fraud where a criminal uses stolen credit card information to make purchases.
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D. A legal requirement for banks to report suspicious transactions.
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Question 6 of 10

6. Question
1. Which of the following is NOT an emerging risk in payment systems?
A. Artificial Intelligence (AI) Fraud
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B. Cryptocurrency Risks
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C. Check Fraud
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D. Open Banking Risks
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Question 7 of 10

7. Question
1. What is liquidity risk?
A. The risk that a party will not have sufficient funds to meet its payment obligations on time.
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B. The risk of loss due to errors, fraud, or system failures.
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C. The risk that a party involved in a transaction will not be able to fulfill its payment obligations.
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D. The risk of damage to an institution's reputation due to problems with its payment systems.
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Question 8 of 10

8. Question
1. What is an example of operational risk in a payment system?
A. A natural disaster that disrupts infrastructure.
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B. A customer failing to make a payment on time.
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C. A new law that changes the way payments are processed.
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D. A decline in a company's stock price.
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Question 9 of 10

9. Question
1. What is a key best practice for payment systems risk management?
A. Ignoring emerging risks.
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B. Relying solely on insurance for protection.
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C. Conducting regular risk assessments.
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D. Avoiding collaboration with industry partners.
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Question 10 of 10

10. Question
1. Why are payment systems important to a modern economy?
A. They facilitate trade and enable businesses to operate efficiently.
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B. They provide individuals with convenient ways to manage their finances.
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C. Secure and reliable payment systems are essential for economic growth and financial stability.
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D. All of the above.
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