UNIT-3 UTILITY SERVICE OF BANK | Solution | Book Solution | Class 10th Banking and insurance solution

MCQ Questions

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Questions & Answers

Some More Important Questiosn

Q1. How to Use Internet Banking?

Using internet banking typically involves the following steps:

1. Registration: Visit your bank’s website and register for internet banking by providing necessary details like account number, personal information, etc.
2. Login: Once registered, log in to your internet banking account using your username and password provided by the bank.
3. Navigation: Navigate through the dashboard/menu to access various banking services such as account balance check, fund transfer, bill payments, etc.
4. Transactions: Perform transactions like transferring funds between accounts, paying bills, setting up standing instructions, etc.
5. Security: Always log out from your internet banking session after use and avoid sharing your login credentials with anyone.

Q2. What are the Issues while using Internet Banking?

Common issues encountered while using internet banking include:

1. Technical Glitches: Such as server downtime, slow loading times, or website/app errors.
2. Security Concerns: Risk of unauthorized access, phishing attacks, malware, etc.
3. Transaction Errors: Incorrect debits/credits, failed transactions, or delayed processing.
4. Customer Support: Difficulty in getting prompt assistance or resolving issues through customer support channels.

Q3. What are the Risks while using Internet Banking?

1. Phishing Attacks: Fraudulent attempts to acquire sensitive information such as usernames, passwords, and credit card details.
2. Malware: Malicious software designed to steal personal information or perform unauthorized transactions.
3. Identity Theft: Theft of personal information to impersonate individuals for financial gain.
4. Unauthorized Transactions: Hackers gaining access to accounts and making unauthorized transfers or payments.
5. Data Breaches: Leakage of sensitive customer data due to security vulnerabilities in banking systems.

Q4. What are the Security Features of using Internet Banking?

Security features of internet banking include:

1. Multi-factor Authentication: Adding an extra layer of security by requiring users to provide multiple forms of identification.
2. Encryption: Securing data transmission between the user’s device and the bank’s servers using encryption protocols.
3. Session Timeout: Automatically logging out users after a period of inactivity to prevent unauthorized access.
4. Security Tokens: Providing physical or virtual tokens to generate one-time passwords for authentication.
5. Transaction Limits: Setting limits on transaction amounts to mitigate financial losses in case of unauthorized access.

Q5. What are the Processes for hiring a Bank Locker?

The process for hiring a bank locker may vary slightly from bank to bank but generally involves:

1. Application: Fill out an application form provided by the bank for renting a locker.
2. Documentation: Submit required documents such as identity proof, address proof, and photographs.
3. Locker Availability: Check for locker availability in the desired size and location.
4. Agreement: Sign a rental agreement provided by the bank outlining the terms and conditions.
5. Payment: Pay the rental fees along with any security deposit required by the bank.
6. Access: Upon approval, the bank will provide access to the allocated locker.

Q6. What are Safe Deposit Lockers?

Safe deposit lockers are secure storage compartments provided by banks to customers for storing valuable items such as documents, jewelry, or other valuables. These lockers are typically housed within the bank’s premises and offer an additional layer of security compared to storing valuables at home.

Q7. What are the Differences Between Skimming & Phishing?

1. Skimming: Skimming is a method used by criminals to capture data from the magnetic stripe of a credit or debit card. This is often done using a small device called a skimmer, which is placed over the card slot of ATMs or payment terminals. The captured data is then used to create counterfeit cards or for unauthorized transactions.
2. Phishing: Phishing is a cybercrime tactic where attackers attempt to deceive individuals into revealing sensitive information such as usernames, passwords, or credit card details. This is usually done through fraudulent emails, websites, or text messages that appear to be from legitimate sources such as banks or government agencies. Victims are tricked into providing their information, which is then used for identity theft or financial fraud.