Exam (elaborations)
CAFP Fraud Study Set
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CAFP Fraud Study Set
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Name: Score:105 Multiple choice questions
Term 1 of 105
Cyber-Terrorist
Solutions developed by fintech companies to accelerate payment processing to near real
time.
Organized governments that, as part of espionage, may engage in cyber operations and
cyber enabled crimes.
If merchant or acquirer fail to abide by the network rules, issuer can decline to pay the
acquirer.
Someone who uses the Internet or network to destroy or damage computers for political
reasons.
Definition 2 of 105
Staff training, policies/procedures/practices, automated fraud tools, QC, secondary market GSE
requirements (Freddie/Fannie)
Fraud Prevention & Detection
Mortgage Fraud Mitigation
FBI Financial Fraud Kill
KBA (Knowledge Based Authentication)
,Term 3 of 105
Dipping
The act of digging through trash receptacles to find information that can be useful in an
attack.
Card verification value or code - track data located in magnetic strip but not printed on the
card, could still be circumvented.
The act of digging through trash receptacles to find information that can be useful in an
attack.
Act of inserting card chip into POS chip reader.
Definition 4 of 105
Contactless chip card (Near Field Communications) - hold near the reader, called "tapping."
NFC
RFID
NETWORK
MFA
Definition 5 of 105
Forgery, alteration, counterfeiting, lottery scam, secret shopper, check overpayment fraud.
Fraud Risk Factors
Transaction Mitigation Risk
Check Fraud Types
Money Mules
,Definition 6 of 105
Organized governments that, as part of espionage, may engage in cyber operations and cyber
enabled crimes.
City-states
Unitary States
Capitalism
Nation-States
Term 7 of 105
Cyber-Enabled Fraud Schemes
Criminals harvest data from computer or other sources.
Originator, ODFI, ACH Operator RDFI, Receiver
BEC, ransomware, payment systems fraud, etc.
Threat actors are sometimes categorized broadly as cybercriminals.
Term 8 of 105
3DS or 3DSecure
Card verification value or code - track data located in magnetic strip but not printed on the
card, could still be circumvented.
Individual or business customer who uses card account to purchase goods and services.
Contracts with the Issuer to use card as payment.
Developed for online card transactions. Three domains that operate together to provide
authentication to e-commerce transaction. (Verified by Visa for example)
Established in 1995 to increase resources, skills and coin by which local state and federal
agencies and private industry use to combat criminal activity.
, Definition 9 of 105
Originator, ODFI, ACH Operator RDFI, Receiver
Vehicle Loan Fraud Response Strategies
Check Fraud Types
ACH Parties
Mortgage Fraud Types
Definition 10 of 105
Solutions developed by fintech companies to accelerate payment processing to near real time.
Direct Debit
Current Accounts
Faster Payments
Increased Payments
Definition 11 of 105
Occurs when someone other than the applicant or account owner is responsible for fraud
behavior
Any Felony Conviction
Third Party Fraud
Issuer
Loan Fraud
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