70+ 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

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

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

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.

Parameters to assume about fraud txns

• Transaction amount

• Transaction location

• Transaction frequency

• Transaction type

• User behavior

• Device used for transaction

• IP address

• Time of transaction

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

The background process of credit cards involves application, approval, issuance, usage, billing, and payment.

• Application: Customer applies for a credit card with a financial institution.

• Approval: The financial institution reviews the customer's credit history and other factors to approve or deny the application.

• Issuance: If approved, the credit card is issued to the customer.

• Usage: The customer uses the credit card to make purchases or transactions.

• Billing: The financial inst...read more

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

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

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

Experienced fraud analyst with a strong background in data analysis, risk assessment, and fraud detection methodologies.

• Over 5 years of experience in fraud analytics, focusing on identifying and mitigating fraudulent activities in financial transactions.

• Utilized machine learning algorithms to develop predictive models that improved fraud detection rates by 30%.

• Conducted thorough investigations into suspicious transactions, leading to the recovery of over $1 million in fraudul...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

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 involves deception for personal gain, impacting individuals and organizations through various schemes and tactics.

• Types of Fraud: Includes financial fraud, identity theft, insurance fraud, and credit card fraud. Example: Phishing scams.

• Fraud Triangle: Consists of three elements - pressure, opportunity, and rationalization. Example: An employee steals due to financial stress.

• Red Flags: Indicators of potential fraud, such as unusual transactions or changes in behavior. Ex...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

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

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

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

• Verifi

• Ethoca

• Chargebacks911