50+ Fraud Analyst Interview Questions and Answers

Customer service focuses on providing assistance and guidance to customers, while customer support focuses on resolving specific issues or problems.

• Customer service involves helping customers with general inquiries, providing information, and offering solutions to their problems.

• Customer support is more specialized and involves addressing specific issues or problems that customers may encounter.

• Customer service is proactive and focuses on building relationships with customers...read more

Fraud is when someone tricks or deceives others to steal their money or personal information.

• Fraud is a type of dishonest behavior where someone tries to take advantage of others for their own gain.

• It involves tricking or deceiving people to steal their money, personal information, or belongings.

• Fraud can happen in different ways, such as online scams, identity theft, or fake products.

• For example, if someone pretends to be a bank representative and asks for your credit card d...read more

Soft skills are crucial in customer dealing business as they help in building rapport, resolving conflicts, and ensuring customer satisfaction.

• Soft skills like communication, empathy, and active listening help in understanding customer needs and concerns.

• They also aid in conflict resolution and problem-solving, which are essential in dealing with dissatisfied customers.

• Soft skills like patience and positivity help in maintaining a calm and professional demeanor, even in stres...read more

There are four types of join: inner, outer, left, and right. Left outer join returns all records from the left table and matching records from the right table.

• Inner join returns only matching records from both tables

• Outer join returns all records from both tables

• Left join returns all records from the left table and matching records from the right table

• Right join returns all records from the right table and matching records from the left table

• Example: SELECT * FROM table1 LEFT...read more

Chargeback is a transaction reversal made by a bank or credit card issuer, usually due to fraud or disputed charges.

• Chargeback occurs when a customer disputes a charge and the bank or credit card issuer reverses the transaction.

• The merchant is notified of the chargeback and can either accept it or dispute it.

• If the chargeback is accepted, the merchant loses the sale and may be charged a fee.

• If the chargeback is disputed, the bank or credit card issuer investigates and makes a...read more

Fraud in e-commerce platforms involves various types of scams and fraudulent activities aimed at deceiving customers or stealing sensitive information.

• Fraudulent transactions using stolen credit card information

• Phishing scams targeting customers to obtain personal information

• Account takeover fraud where hackers gain access to user accounts

• Fake product listings and sellers deceiving customers

• Identity theft through fake profiles or accounts

A card network is a company that processes credit and debit card transactions between merchants and card issuers.

• Card networks facilitate the authorization, clearing, and settlement of transactions.

• They set the rules and standards for card transactions, such as security protocols and interchange fees.

• Examples of card networks include Visa, Mastercard, American Express, and Discover.

A chargeback is a reversal of a transaction made by a customer, typically due to fraud or dissatisfaction.

• A chargeback occurs when a customer disputes a transaction with their bank or credit card issuer.

• The process involves the merchant receiving a notification of the chargeback and providing evidence to dispute it.

• If the chargeback is upheld, the funds are taken back from the merchant and returned to the customer.

• Common reasons for chargebacks include unauthorized transactio...read more

Debit cards are linked to a checking account and funds are withdrawn directly, while credit cards allow you to borrow money up to a certain limit.

• Debit cards are linked to a checking account, while credit cards are a form of borrowing.

• Debit card transactions are deducted directly from your checking account balance, while credit card transactions are added to your credit card balance.

• Debit cards do not charge interest as you are using your own money, while credit cards charge ...read more

Elder abuse is mistreatment of older adults, which can be physical, emotional, financial, or sexual.

• Detecting elder abuse involves looking for signs of physical injuries, such as bruises, cuts, or burns

• Changes in behavior, such as withdrawal or depression, can also be a sign of elder abuse

• Unexplained financial transactions or sudden changes in a senior's financial situation can indicate financial abuse

• Sexual abuse can be detected by observing signs of trauma or changes in beh...read more

Dispute is initiated by the cardholder, while chargeback is initiated by the card issuer.

• Dispute is when a cardholder questions a charge on their statement, while chargeback is when the card issuer reverses a transaction due to fraud or other reasons.

• Disputes are resolved between the cardholder and merchant, while chargebacks involve the card issuer and merchant.

• Disputes can be resolved without involving the card issuer, but chargebacks always involve the card issuer.

• Examples...read more

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.

• Credit cards allow users to borrow money up to a certain limit set by the card issuer.

• Debit cards are linked to the user's bank account and funds are directly withdrawn from the account when making a purchase.

• Credit cards typically have higher interest rates and fees compared to debit cards.

• Credit cards c...read more

Customer service is important with fraud victims to provide support, guidance, and reassurance during a stressful time.

• Building trust and rapport with victims can help them feel supported and more likely to cooperate with investigations.

• Providing clear and timely communication can help victims understand the situation and next steps.

• Offering resources and assistance can help victims navigate the process of reporting fraud and recovering their losses.

• Showing empathy and unders...read more

CVV is a security code on credit/debit cards. It is unique to each card and cannot be used with another card.

• CVV stands for Card Verification Value and is a 3 or 4 digit security code on credit/debit cards.

• It is used to verify that the person making the purchase actually possesses the card.

• CVV is unique to each card and cannot be used with another card.

• If someone has both the card number and CVV, they can potentially make fraudulent transactions.

A customer care executive is a professional who provides assistance and support to customers, ensuring their satisfaction and resolving their issues.

• Customer care executives are responsible for handling customer inquiries, complaints, and feedback.

• They provide information about products or services, answer questions, and address concerns.

• They may assist customers in placing orders, tracking shipments, or processing returns.

• Customer care executives strive to provide excellent ...read more

US and UK customers have different fraud perceptions. Fraud is intentional deception for financial gain, while scam is a fraudulent scheme.

• US customers may be more cautious due to higher exposure to fraud, while UK customers may be more trusting.

• Fraud involves intentional deception for financial gain, such as identity theft or credit card fraud.

• Scams are fraudulent schemes designed to trick individuals into giving away money or personal information, like phishing scams or lot...read more

Fraud is a deliberate deception to secure unfair or unlawful gain, often involving false information or misrepresentation.

• Fraud involves intentional deception or misrepresentation

• It is committed to gain an unfair advantage or financial benefit

• Common types of fraud include identity theft, credit card fraud, and insurance fraud

Credit cards allow users to borrow money from the card issuer, while debit cards deduct funds directly from the user's bank account.

• Credit cards allow users to make purchases on credit, with the card issuer lending the money for the transaction.

• Debit cards deduct funds directly from the user's bank account at the time of purchase.

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

• Credit cards may charge ...read more

Fraud monitoring involves the continuous surveillance of transactions and activities to detect and prevent fraudulent behavior.

• Continuous surveillance of transactions and activities

• Detection and prevention of fraudulent behavior

• Utilizes technology and data analysis to identify suspicious patterns

• May involve setting up alerts for unusual activities

• Requires collaboration with other departments like risk management and compliance

Sub types of fraud include identity theft, credit card fraud, and phishing. 3DS is a security protocol for online transactions. Authorization is necessary to verify the legitimacy of a transaction. Chargeback cycle involves disputing a transaction and reversing the charge.

• Sub types of fraud: identity theft, credit card fraud, phishing

• 3DS: security protocol for online transactions

• Authorization: necessary to verify legitimacy of transaction

• Chargeback cycle: disputing a transact...read more

DDL commands are used to create, modify, and delete database objects.

• DDL stands for Data Definition Language.

• Examples of DDL commands include CREATE, ALTER, and DROP.

• CREATE is used to create a new database object, such as a table or index.

• ALTER is used to modify an existing database object, such as adding a column to a table.

• DROP is used to delete a database object, such as a table or index.

Fraud is the intentional deception for personal gain or to cause harm.

• Fraud involves intentional deception or misrepresentation

• It is committed for personal gain or to cause harm

• Examples include identity theft, credit card fraud, and insurance fraud

Chargebacks are raised when a customer disputes a transaction and requests a refund from their bank.

• Chargebacks are typically raised when a customer does not recognize a charge on their statement or believes the transaction was fraudulent.

• Chargebacks can also be raised if the customer did not receive the product or service they paid for.

• As a fraud analyst, it is important to investigate chargebacks to determine if they are legitimate or if they are part of a larger fraud sche...read more

Some applications used for chargeback include Verifi, Ethoca, and Chargebacks911.

• Verifi

• Ethoca

• Chargebacks911

Yes, as long as they have the necessary qualifications and experience.

• Qualifications and experience are the key factors in becoming a CEO.

• FIS employer can become a CEO if they have the necessary skills and experience.

• It is not uncommon for employees to work their way up to the CEO position.

• However, it ultimately depends on the company's hiring and promotion policies.

Different types of fraud 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 make false insurance claims.

• Investment fraud: Deceiving investors for financial gain.

• Online fraud: Fraud committed through the internet, such as phishing scams.

The dispute life cycle refers to the stages involved in handling and resolving a dispute or fraud case.

• Identification of the dispute or fraud

• Investigation and gathering of evidence

• Resolution or decision-making

• Communication with all parties involved

• Closure and monitoring for potential recurrence

Telecom fraud refers to the unauthorized use of telecommunications services or equipment for personal gain.

• Telecom fraud can include activities such as phone cloning, subscription fraud, and premium rate service fraud.

• It can result in financial losses for both individuals and businesses.

• Fraud analysts use various techniques such as data analysis and monitoring to detect and prevent telecom fraud.

• Telecom companies also implement measures such as two-factor authentication and f...read more

Phishing is a type of cyber attack where fraudsters attempt to obtain sensitive information such as usernames, passwords, and credit card details by pretending to be a trustworthy entity.

• Phishing involves sending fraudulent emails or messages that appear to be from legitimate organizations, such as banks, in order to trick individuals into providing their personal information.

• Common phishing tactics in the banking sector include fake websites that mimic the appearance of a ba...read more

A credit card is a payment card issued by a financial institution, allowing the cardholder to borrow funds to make purchases.

• Credit cards allow users to make purchases on credit, with the promise to repay the borrowed amount at a later date.

• They often come with a credit limit, which is the maximum amount the cardholder can borrow.

• Credit cards may also offer rewards, cashback, or other benefits to cardholders.

• They are widely accepted for online and in-person transactions, maki...read more

Online fraud refers to fraudulent activities conducted over the internet, including phishing, identity theft, and credit card fraud.

• Phishing: fraudulent attempts to obtain sensitive information such as usernames, passwords, and credit card details by disguising as a trustworthy entity in electronic communication.

• Identity theft: stealing someone's personal information to commit fraud, such as opening bank accounts or applying for loans in their name.

• Credit card fraud: unauthor...read more

Instruments of checks refer to the various methods used to verify the authenticity of a check.

• Physical inspection of the check for watermarks, microprinting, and security features

• Verification of the check's routing number and account number

• Comparison of the signature on the check with the account holder's signature on file

• Use of electronic verification tools to check for counterfeit or altered checks

Wipro Limited is an Indian multinational corporation that provides information technology, consulting and business process services.

• Wipro was founded in 1945 in India.

• It is one of the largest IT services companies in the world.

• Wipro offers services such as IT consulting, system integration, and outsourcing.

• The company has a presence in over 60 countries.

• Wipro is known for its innovation and digital transformation solutions.

To reduce the fraud rate, implement fraud detection tools, conduct regular audits, educate employees and customers, and collaborate with law enforcement.

• Implement fraud detection tools such as AI algorithms and machine learning models

• Conduct regular audits to identify any suspicious activities or patterns

• Educate employees and customers on how to recognize and report potential fraud

• Collaborate with law enforcement agencies to investigate and prosecute fraudsters

Fraud in E-commerce refers to any deceptive or illegal activity aimed at defrauding online retailers or consumers.

• Fraudulent use of stolen credit card information to make purchases online

• Phishing scams where fake websites or emails trick users into providing personal or financial information

• Account takeover where hackers gain access to a user's account to make unauthorized transactions

• Drop shipping scams where fake retailers accept payment but never deliver the goods

• Identity ...read more

TSYS is a global payment solutions provider that offers a range of services including fraud prevention and detection.

• TSYS stands for Total System Services, Inc.

• It is one of the largest payment processors in the world.

• TSYS provides services such as credit card processing, merchant services, and fraud prevention solutions.

• The company offers tools and technologies to help businesses detect and prevent fraudulent transactions.

• TSYS has a global presence with offices in multiple co...read more

Credit card is a form of borrowing money with interest, while debit card is linked to your bank account and uses your own funds.

• Credit card allows you to borrow money up to a certain limit, while debit card uses funds directly from your bank account.

• Credit card charges interest on the borrowed amount, while debit card does not have interest charges.

• Credit card may offer rewards or cashback, while debit card does not typically offer such benefits.

• Credit card can help build cre...read more

I am a dedicated and detail-oriented Fraud Analyst with a passion for investigating and preventing fraudulent activities.

• I have a background in finance and a strong understanding of fraud detection techniques.

• I am skilled in analyzing data and identifying patterns that indicate potential fraud.

• I am ambitious to continuously improve my skills and knowledge in the field of fraud prevention.

• I am motivated to protect organizations from financial losses and maintain their reputati...read more

Fraud cases should be handled promptly and thoroughly to prevent further losses and protect the company's reputation.

• Investigate the fraud case thoroughly to determine the extent of the fraud and identify the perpetrator.

• Gather evidence such as transaction records, communication logs, and witness statements.

• Report the fraud to the appropriate authorities and cooperate with any investigations.

• Implement measures to prevent future fraud, such as improving security protocols and ...read more

I identify suspicious transactions by analyzing patterns, anomalies, and red flags in the data.

• Look for transactions that are significantly larger or smaller than usual for that customer

• Monitor for transactions from high-risk countries or regions

• Check for multiple transactions in a short period of time

• Review transactions with incomplete or inconsistent information

• Flag transactions that deviate from the customer's typical spending behavior

ACH kiting is a form of check fraud where funds are transferred between accounts to create the appearance of a legitimate balance.

• ACH kiting involves taking advantage of the time it takes for funds to clear between accounts.

• The fraudster will transfer funds back and forth between accounts to artificially inflate the balance.

• This creates the illusion of having more funds available than actually present.

• ACH kiting is illegal and can result in severe penalties.

• Example: A fraudst...read more

Types of fraud commonly seen include identity theft, credit card fraud, and insurance 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 make fraudulent claims.

• Online scams: Phishing emails, fake websites, and social engineering tactics.

• Healthcare fraud: Billing for services not provided or unnecessary procedures.

• Investment fraud: Pon...read more

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

• Credit cards may charge interest on unpaid balances, while ...read more

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.

• Trading: Banks engage in trading activities in financial mar...read more

ACH stands for Automated Clearing House, a network that facilitates electronic money transfers between bank accounts.

• ACH is commonly used for direct deposit of paychecks, bill payments, and transferring funds between accounts.

• ACH transactions are processed in batches and can take 1-3 business days to complete.

• Examples of ACH transactions include online bill payments, vendor payments, and transferring money between personal accounts.

UPI and IMPS are both electronic payment systems in India, but UPI allows for instant transfers between bank accounts while IMPS operates on a batch processing system.

• UPI stands for Unified Payments Interface and allows for instant fund transfers 24/7, even on holidays.

• IMPS stands for Immediate Payment Service and operates on a batch processing system with scheduled settlement times.

• UPI transactions can be initiated using a virtual payment address (VPA) or a mobile number lin...read more

ATO stands for Account Takeover, where a fraudster gains unauthorized access to a victim's account. PTO stands for Payment Takeover, where a fraudster takes over a victim's payment method.

• ATO involves unauthorized access to an account, while PTO involves taking over a payment method.

• ATO can result in identity theft and financial loss for the victim, while PTO can lead to fraudulent transactions using the victim's payment information.

• Examples of ATO include phishing attacks to...read more