Trivia Questions Quiz On Fighting Identity ThEFT With The Red Flags Rule!
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When is it not ok to run an applicant through ChexSystems a second time if I receive an "ID failure" response?
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When the license is entered incorrectly.
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When the Social Security number is entered incorretly?
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When the name is spelled wrong?
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A & C only
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Do you think you can pass the Trivia Questions Quiz below on Fighting Identity Theft with the Red Flags Rule! There are different ways that people can be used to make money in illegal ways, and one of the most common ways is through identity theft. Take the test and see if you know the telltale sign that your identity See morehas been stolen.
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- 2.
What document(s) should not be accepted for proof of address?
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Cable bill
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Lease agreement
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State issued license
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Bank statement
Correct Answer
A. Cable billExplanation
A cable bill should not be accepted as proof of address because it does not provide sufficient evidence of residency. Cable bills typically only include the address where the service is being provided, which may not necessarily be the same as the individual's residential address. Therefore, it is not a reliable document to verify someone's address.Rate this question:
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- 3.
What document is not acceptable for identification?
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U.S. Military identification
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U.S. Passport
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International driver's license
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State issued identification
Correct Answer
A. International driver's licenseExplanation
An international driver's license is not acceptable for identification because it is specifically issued for the purpose of allowing individuals to drive in foreign countries. While it may contain personal information and a photo, it is not considered a valid form of identification in most situations, particularly for official purposes. Other options listed, such as U.S. Military identification, U.S. Passport, and State issued identification, are generally accepted and recognized forms of identification.Rate this question:
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- 4.
If you run an applicants information through ChexSystems and you receive an ID check failure the following response would be a Red Flag and further verification may be required:
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A Randomized Social Security number.
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The address on the application does not match the address on ChexSystems or the credit report
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Starting a new job
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Using a non-driver’s license for identification
Correct Answer
A. The address on the application does not match the address on ChexSystems or the credit reportExplanation
If the address on the application does not match the address on ChexSystems or the credit report, it would be considered a red flag. This could indicate that the applicant has provided false information or that there may be discrepancies in their personal information. Further verification may be required to ensure the accuracy and legitimacy of the applicant's details.Rate this question:
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- 5.
I ran an applicant through ChexSystems and he had a credit freeze. What should I do?
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They passed the ID check so I can proceed.
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Ask them if they placed the alert and if they say yes proceed with opening the account.
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Contact the Fraud Group to have them review the alert in case there is a phone number or other message we need to verify.
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Open the account and notify the Fraud Group at a later date.
Correct Answer
A. Contact the Fraud Group to have them review the alert in case there is a phone number or other message we need to verify.Explanation
The correct answer is to contact the Fraud Group to have them review the alert in case there is a phone number or other message that needs to be verified. This is the appropriate action to take when encountering a credit freeze on an applicant's ChexSystems report. Contacting the Fraud Group ensures that any potential fraudulent activity is thoroughly investigated before proceeding with opening the account.Rate this question:
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- 6.
What does "Randomized" issuance mean?
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The social security numbers are no longer associated with a specific state.
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We are unable to verify their identity.
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Anyone can get a social security number whenever they want.
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You will be denied for an account if you have a randomized social security number.
Correct Answer
A. The social security numbers are no longer associated with a specific state.Explanation
"Randomized" issuance means that the social security numbers are no longer associated with a specific state. This means that the numbers are assigned in a random manner without any connection to the state in which the individual resides. This change was implemented to enhance security and protect against identity theft.Rate this question:
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- 7.
A "warm address" response means the following:
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This may be a possible fraud address and I should review the Qualifile carefully.
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I should deny the member immediately.
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I should ignore this as long as they provide valid proof of address.
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Both a & b.
Correct Answer
A. This may be a possible fraud address and I should review the Qualifile carefully.Explanation
The correct answer is "Both a & b." This means that a "warm address" response indicates that the address may be a possible fraud address, and as a result, the reviewer should carefully review the Qualifile. Additionally, the reviewer should also deny the member immediately. Therefore, both options a and b are correct.Rate this question:
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- 8.
A member has multiple mobile deposits credited to their account. The balance was zero for a month but now they want a cash withdrawal. I should do the following:
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Ask the member if they can verify how the checks were deposited.
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Both a & c
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Pull copies of the checks before I conduct any transactions.
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Turn the member away and have them contact the Fraud Group.
Correct Answer
A. Both a & cExplanation
The correct answer is both a & c. Asking the member to verify how the checks were deposited and pulling copies of the checks before conducting any transactions are both important steps to ensure the legitimacy of the mobile deposits and prevent fraud. By verifying how the checks were deposited, the member can provide additional information or documentation that can help determine if the deposits are legitimate. Pulling copies of the checks allows for further investigation and comparison to ensure they are not fraudulent.Rate this question:
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- 9.
What should I do when I receive the following response from ChexSystems: Credit Bureau Status: Unavailable – Technical Error:
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Ignore this response because I cannot have the member wait for ChexSystems to come back up.
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Make sure to run this person through Qualifile as soon as the system is back up.
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Deny the member because their score is 9999.
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Rerun everything until I get a proper response.
Correct Answer
A. Make sure to run this person through Qualifile as soon as the system is back up. -
- 10.
The applicant is an automatic decline. I should tell the applicant the following:
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Have the member contact ChexSystems because they will have to tell you why you were denied.
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Hand the applicant the adverse action form and tell them to make sure all credit bureaus are up to date and there are no outstanding Chexsystems records.
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Have the applicant come in next week and try again.
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Tell them they are denied because they have horrible credit.
Correct Answer
A. Hand the applicant the adverse action form and tell them to make sure all credit bureaus are up to date and there are no outstanding Chexsystems records.Explanation
The correct answer is to hand the applicant the adverse action form and tell them to make sure all credit bureaus are up to date and there are no outstanding Chexsystems records. This is the appropriate action to take when an applicant is automatically declined. It ensures that the applicant is aware of the denial and provides them with information on how to address the issue by contacting ChexSystems and checking their credit bureaus.Rate this question:
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- 11.
An elderly member that does not perform a lot of transactions has suddenly had an excessive amount of ATM withdrawals and cash withdrawals at the branch. Now, there is another person calling and coming into the branch with them claiming to be a home health care worker/friend. I should do the following:
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Since the member seems to need help I will give the other person all the information and not question it. I am sure they are fine. It's none of my business what they do with their money.
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It's not my business who calls as long as we get the correct identification I am covered.
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Proceed as normal. If the elderly member said it's ok to give out information there is nothing to worry about.
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Send an email to the Fraud Group informing them of the suspicious activity.
Correct Answer
A. Send an email to the Fraud Group informing them of the suspicious activity.Explanation
The correct answer is to send an email to the Fraud Group informing them of the suspicious activity. This is the appropriate action to take in this situation because the sudden excessive amount of ATM and cash withdrawals, combined with the presence of a new person claiming to be a home health care worker/friend, raises concerns about potential financial exploitation or fraud. By notifying the Fraud Group, they can investigate the situation further and take appropriate measures to protect the elderly member from any potential harm or scams.Rate this question:
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- 12.
What is a credit freeze?
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The applicant does not want any loans.
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The applicant can be issued a savings only and no other services.
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The applicant has to unfreeze their report with TransUnion. The applicant placed the block so that no credit can be pulled without their authorization and knowledge.
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The person applying for an account is committing ID Theft.
Correct Answer
A. The applicant has to unfreeze their report with TransUnion. The applicant placed the block so that no credit can be pulled without their authorization and knowledge.Explanation
A credit freeze is a security measure taken by an individual to prevent unauthorized access to their credit report. By placing a block on their credit report, the applicant ensures that no credit can be pulled without their authorization and knowledge. To unfreeze their report, the applicant needs to contact TransUnion, the credit reporting agency, and request the removal of the block. This measure is often taken to protect against identity theft and fraudulent activity.Rate this question:
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- 13.
The following is not an acceptable form of identification:
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An international driver's license
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A credit card with a photo on it.
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Military identification
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Both A and B
Correct Answer
A. Both A and BExplanation
Both an international driver's license and a credit card with a photo on it are not acceptable forms of identification. This means that if someone presents either of these forms of identification, it will not be considered valid. Military identification, on the other hand, may be an acceptable form of identification depending on the situation. Therefore, the correct answer is that both options A and B are not acceptable forms of identification.Rate this question:
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- 14.
An applicant has a P.O. Box on his driver's license. I should ask the following:
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A second form of proof of address showing a residential address.
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To review their car registration.
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I do not need proof of where they live the P.O. Box is fine.
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A passport that is valid from the United States
Correct Answer
A. A second form of proof of address showing a residential address.Explanation
The correct answer is to ask for a second form of proof of address showing a residential address. This is because having a P.O. Box on a driver's license indicates that the applicant may not have a residential address listed on their license. Therefore, it is necessary to ask for another document that can confirm their residential address.Rate this question:
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- 15.
If you receive a ChexSystems response "Customer on Hot List" on the Qualified I should do the following
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Contact the Fraud Group to review.
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Try and pull the applicants name on Facebook and see who their friends are.
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Deny them and tell them they cannot have an account.
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Do not double check, the response is probably wrong.
Correct Answer
A. Contact the Fraud Group to review.Explanation
The correct answer is to contact the Fraud Group to review. This is the appropriate action to take when receiving a ChexSystems response stating "Customer on Hot List." The Fraud Group is responsible for investigating and verifying any potential fraudulent activity or suspicious behavior. By contacting them, they can review the situation and provide guidance on how to proceed with the applicant.Rate this question:
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- 16.
A member wants a large cash withdrawal. They recentlly had a mobile deposit that is unusual. I should do the following:
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Pull a copy of the deposit and verify the validity of the check.
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Ask them if a check would be ok.
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Review the FBI fraud poster and review the list of questions.
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Do all three.
Correct Answer
A. Do all three.Explanation
The correct answer is to do all three actions mentioned. This is because the member's request for a large cash withdrawal, combined with the recent unusual mobile deposit, raises suspicion of potential fraud. By pulling a copy of the deposit and verifying the validity of the check, you can ensure that the funds are legitimate. Asking the member if a check would be okay can help confirm their intentions and further validate their request. Reviewing the FBI fraud poster and the list of questions can provide additional guidance and help you identify any red flags or signs of fraudulent activity. By performing all three actions, you can take necessary precautions to prevent fraud and protect the member's account.Rate this question:
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- 17.
I should fill out the Monetary Instrument Log when the following occurs:
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Our member makes four cash deposits over $10,000.00 in one day and then withdrawals all of it in a check
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The member makes a cash deposit of $4000.00 in the morning, comes back later that day and withdrawals check for a car loan.
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The member deposits $5000.00 in cash into their personal account, deposits $1000.00 into the business account and then wants a check from the personal account
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I complete the log for b & c only.
Correct Answer
A. I complete the log for b & c only.Explanation
The correct answer is "I complete the log for b & c only" because in scenario b, the member makes a cash deposit of $4000.00 in the morning and later withdraws a check for a car loan. This qualifies as a cash deposit over $10,000.00 followed by a withdrawal, which requires the completion of the Monetary Instrument Log. In scenario c, the member deposits $5000.00 in cash into their personal account, deposits $1000.00 into the business account, and then requests a check from the personal account. This also qualifies as a cash deposit over $10,000.00 followed by a withdrawal, requiring the completion of the log. Scenario a does not meet the criteria for completing the log.Rate this question:
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- 18.
One of our members deposits cash frequently throughout the day but never wants to go to the same teller. He also calls the Call Center frequently and asks questions about making cash deposits and if there is a limit. I should:
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Mind my own business because the credit union probably has reports to find this type of activity.
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This is suspicious. I should notify the Fraud Group.
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Tell this member that what he is doing is suspicious and if he doesn't watch out he will get reported to the government.
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Try not to wait on this person when he comes in so I do not have to do anything.
Correct Answer
A. This is suspicious. I should notify the Fraud Group.Explanation
The behavior described in the question is suspicious because the member frequently deposits cash but avoids going to the same teller and frequently calls the Call Center to ask about cash deposits and limits. This pattern of behavior raises concerns about potential fraudulent activity. Therefore, it is appropriate to notify the Fraud Group, who can investigate the matter further and take necessary actions if needed.Rate this question:
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- 19.
If an elderly person comes in to open an account they can use the following for identification:
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An expired license with a current bank statement as proof of address.
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A library card and a voter's regstration.
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A birth certificate.
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A letter from the church pastor stating they are who they say they are.
Correct Answer
A. An expired license with a current bank statement as proof of address.Explanation
An expired license with a current bank statement can be used as identification for an elderly person opening an account. The expired license serves as a form of photo identification, while the current bank statement provides proof of address. This combination ensures that the person's identity can be verified and their address can be confirmed, which are important requirements for opening an account.Rate this question:
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- 20.
I received a "review" response because there is a credit bureau special message note on Qualifile. I should do the following:
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Ignore this.
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Contact the Fraud Group because they have to review the message on the credit report.
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Continue with the application. I have the proper identification so everything is ok.
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Deny the application.
Correct Answer
A. Contact the Fraud Group because they have to review the message on the credit report.Explanation
The correct answer is to contact the Fraud Group because they have to review the message on the credit report. This is because the presence of a credit bureau special message note on Qualifile indicates a potential issue or discrepancy in the credit report. It is important to address this matter with the Fraud Group to ensure the accuracy and legitimacy of the application. Ignoring it or continuing with the application without reviewing the message may lead to complications or potential fraud. Denying the application without further investigation would also be premature.Rate this question:
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Current Version
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Mar 19, 2023Quiz Edited by
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Dec 19, 2014Quiz Created by
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