Union Bank Fraud Prevention Quiz
Taking this short quiz could help prevent a significant loss for your company.

Protecting your company against the threat of fraud starts by knowing your current risk level. This quiz is designed to help you:

  • Evaluate your company's current risk level
  • Detect weak points in your banking processes
  • Identify opportunities for improvement
  • Understand the solutions available to help protect your business
True or False Your Answer
1. The same employee who writes the checks should also reconcile the statements since that person is most familiar with the items.
True False
2. The best check-printing safeguards available today are watermarks and erasure-resistant ink. True False
3. There is no need to renew stop payments since the stale-date notice I have printed on my checks will prevent older checks from being paid. True False
4. To help prevent fraud at your company, you should require that one person submit and a second person approve wire transfers. True False
5. Using a PC for Internet banking only (no email and no web browsing) is a good security measure. True False
6. It's acceptable to allow employees to share the same user ID and password — it saves time and does not present a fraud risk. True False
7. In order to receive electronic payments, I must disclose my bank account number. True False
8. Use of antivirus or anti-malware programs and firewalls are the only security controls that help against cyber attacks. True False
9. Security or challenge questions help further verify your identity and should be handled with care? True False
Multiple Choice - Select all that apply Your Answer
10. What tools are available to protect access to online account information? a. IP address restriction
b. Security tokens
c. Online management of user entitlements
d. Regular password change
11. Which of these services should be used to protect accounts from fraud? a. Positive Pay
b. ACH Block
c. IP address restriction
d. Special check paper stock
12. How much time does a business have to identify and return
suspected fraudulent ACH transactions?
a. 24 hours
b. 48 hours
c. 1 week
d. 30 days
13. What is the most common type of payments fraud? a. Check
b. Wire
c. Electronic/ACH fraud
d. Credit card fraud
14. What was the average dollar value of payments fraud last year? a. $203
b. $2,030
c. $20,300
d. $203,000
15. What security features are available to protect your ACH transactions? a. UPIC (Universal Payment Identification Code)
b. ACH block
c. Electronic payment authorization
d. Security token