Bank of America Fraud Analyst Interview Questions and Answers

Q1. What is diff between correlation and covariance
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Q2. Real life example of standard deviation
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Simple SAS and sql questions

Q1. Would you be comfortable with night shifts
Ans. 
Yes, I am comfortable with night shifts as I am able to adapt to different work schedules.
• I have previous experience working night shifts in a similar role.

• I am a night owl and perform well during nighttime hours.

• I understand the importance of being alert and focused during night shifts to detect and prevent fraud effectively.
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Q2. Tell me about yourself
Ans. 
I am a detail-oriented Fraud Analyst with a strong background in investigating and preventing fraudulent activities.
• Experienced in analyzing financial data to detect potential fraud patterns

• Skilled in conducting thorough investigations and collaborating with law enforcement agencies

• Proficient in using fraud detection software and tools

• Strong communication skills to present findings and recommendations to stakeholders
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Q3. What are your short term goals
Ans. 
My short term goal is to enhance my skills in fraud detection and prevention through training and hands-on experience.
• Complete additional training courses on fraud detection techniques

• Gain practical experience in analyzing suspicious transactions

• Collaborate with senior analysts to learn best practices in fraud prevention
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Q1. Sone questions on my undergrad
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Q1. Difference between credit and debit card
Ans. 
Credit cards allow users to borrow money from the card issuer up to a certain limit, while debit cards are linked to the user's bank account and funds are directly withdrawn from it.
• Credit cards involve borrowing money from the card issuer, while debit cards use funds directly from the user's bank account

• Credit cards have a credit limit, while debit cards are limited to the available balance in the linked bank account

• C...read more
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Q2. How does bank earn money
Ans. 
Banks earn money through various sources such as interest on loans, fees for services, and investments.
• Interest on loans: Banks charge interest on loans provided to customers, generating revenue.

• Fees for services: Banks charge fees for services such as account maintenance, overdrafts, and wire transfers.

• Investments: Banks invest in various financial instruments to earn returns, such as stocks, bonds, and real estate.

• Tr...read more
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