Preview Questions FinTech Specialist | Role Specific Skill

Question 1: What is the main function of a Data Loss Prevention (DLP) system in financial institutions?

Which action should you take?

Choose only one option

Enhancing network speed

Encrypting data at rest

Preventing unauthorized data transfers

Detecting intrusions

Question 2: What is the key regulatory concern when deploying digital payment systems in different regions or countries?

Which action should you take?

Choose only one option

Network congestion and downtime

Compliance with local anti-money laundering (AML) and know your customer (KYC) regulations

Exchange rate fluctuations

Taxation of digital payments

Question 3: In a blockchain system, how does the "immutability" feature enhance security for financial applications?

Which action should you take?

Choose only one option

By allowing users to modify records after validation

By using encryption to secure data stored on-chain

By making all transactions traceable but editable

By ensuring that once data is added, it cannot be altered

Question 4: What is the primary difference between a closed-loop payment system and an open-loop payment system?

Which action should you take?

Choose only one option

Open-loop systems operate across multiple networks

Closed-loop systems are exclusive to merchants

Open-loop systems have higher transaction limits

Closed-loop systems require bank accounts

Question 5: What is the role of multi-factor authentication (MFA) in securing financial systems?

Which action should you take?

Choose only one option

Automating compliance

Reducing transaction processing time

Verifying user identity with multiple factors

Encrypting user credentials

Question 6: What is the primary function of a Payment Service Provider (PSP) in digital payments?

Which action should you take?

Choose only one option

To facilitate and authorize payment transactions between merchants and consumers

To provide digital wallets for consumers

To develop mobile payment applications for customers

To issue credit cards and debit cards for digital payments