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Questions and Answers
Which of the following is a challenge posed by the globalization of banking services and innovations in technology?
Which of the following is a challenge posed by the globalization of banking services and innovations in technology?
- Enhanced public trust in the banking system
- Reduced incidence of frauds in banks
- Decreased vulnerability of banks' systems and processes
- Increased ease of carrying out financial transactions (correct)
Frauds in banks are a threat to which of the following?
Frauds in banks are a threat to which of the following?
- Public trust in the banking system (correct)
- Innovation in banking services
- Technological advancements in the banking sector
- Financial stability of the banking industry
What is the significance of public trust in the banking system?
What is the significance of public trust in the banking system?
- It augurs well for the banking industry
- It safeguards the sanctity of the banking system (correct)
- It invents techniques to exploit weaknesses in the banking system
- It exposes the vulnerability of banks' systems and processes
What is the current trend in the incidence of frauds in banks?
What is the current trend in the incidence of frauds in banks?
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What do fraudsters constantly do in relation to banks?
What do fraudsters constantly do in relation to banks?
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Study Notes
Globalization of Banking Services and Technology Innovations
- Increasing instances of frauds in banks are a challenge posed by the globalization of banking services and innovations in technology.
Threats to Banking System
- Frauds in banks are a threat to the stability of the banking system.
Importance of Public Trust
- Public trust in the banking system is crucial for its stability and growth.
Trend of Fraud Incidents
- The current trend in the incidence of frauds in banks is increasing.
Fraudster Behavior
- Fraudsters constantly adapt and evolve their tactics to exploit vulnerabilities in the banking system.
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