Interview Questions and Answers

Transaction risk refers to the possibility of financial loss due to fraudulent or unauthorized transactions. It can be encountered through various measures.

• Transaction monitoring and analysis

• Implementing fraud detection tools

• Verifying customer identity

• Limiting transaction amounts

• Educating customers on safe transaction practices

• Regularly updating security measures

• Conducting background checks on employees

• Performing due diligence on business partners

• Monitoring third-party vendor...read more

Preventive measures to mitigate risks

• Conduct regular risk assessments to identify potential threats

• Implement strong security protocols and access controls

• Train employees on security best practices and awareness

• Monitor and analyze data to detect anomalies and suspicious activity

• Establish emergency response plans and procedures

• Stay up-to-date with industry regulations and compliance standards

A Service Level Agreement (SLA) is a contract between a service provider and a customer that outlines the level of service expected.

• SLAs define the scope of services provided, performance metrics, and remedies for failure to meet agreed-upon standards.

• They are commonly used in IT and outsourcing industries.

• Examples of SLAs include response time guarantees for customer support and uptime guarantees for web hosting services.

• SLAs can also include penalties for failure to meet ag...read more

There are several types of fraud including identity theft, credit card fraud, insurance fraud, and investment fraud.

• Identity theft

• Credit card fraud

• Insurance fraud

• Investment fraud

Types of frauds include identity theft, credit card fraud, insurance fraud, and investment fraud.

• Identity theft: When someone steals personal information to commit fraud

• Credit card fraud: Unauthorized use of someone's credit card information

• Insurance fraud: Falsifying information to obtain benefits from an insurance company

• Investment fraud: Deceiving investors for financial gain

Risk elements in ecommerce include fraud, chargebacks, data breaches, and counterfeit products.

• Fraudulent transactions by customers or sellers

• Chargebacks due to disputes or unauthorized transactions

• Data breaches leading to loss of sensitive customer information

• Sale of counterfeit or fake products