SBI Clerk Prelims Full Mock Test 14

1. Read the following passage carefully and answer the questions given after it. When a small shopkeeper in a district town accepts a payment through a QR code, the transaction takes a few seconds. Behind that moment, however, lies a long chain of institutions: the customer's bank, the shopkeeper's bank, the payment app, the switch that routes the message and the regulator that writes the rules. For most users the chain is invisible, and that invisibility is precisely the point. A payment system succeeds when people stop thinking about it. Yet the very ease of digital payments has created a new category of risk. Fraudsters no longer need to break into a vault; they need only persuade a user to share a one-time password or to approve a collect request that looks harmless. Most such frauds exploit trust rather than technology. A caller pretends to be a bank official, a message warns that an account will be blocked, or a fake customer-care number appears at the top of a search page. The victim, anxious and hurried, completes the fraud with his own hands. Banks have responded with alerts, cooling periods for new beneficiaries and limits on first-time transactions. Regulators have pushed for faster reporting so that stolen money can be frozen before it is withdrawn. These steps help, but they cannot replace an alert customer. Financial literacy campaigns that once explained how to open an account must now explain how to say no. The challenge is to add friction only where it is needed. A system that asks every user to pass through five checks for every payment will push people back to cash. A system with no checks at all will lose their trust. The best designs therefore study patterns: an unusually large transfer at midnight to a new account deserves a second look; a daily payment to the neighbourhood grocer does not.

   Q1.According to the passage, why is the chain of institutions behind a QR payment described as invisible?

   • A.Because most payments are made in cash in district towns
   • B.Because a well-functioning payment system lets users complete payments without thinking about it
   • C.Because the payment app refuses to share data with banks
   • D.Because the shopkeeper does not know which bank the customer uses
   • E.Because the regulator hides the chain from the public

2. Q2.What does the author mean by saying that most frauds exploit trust rather than technology?

   • A.Fraudsters hack bank servers to steal money
   • B.Technology firms are responsible for most frauds
   • C.Customers trust cash more than digital payments
   • D.Victims are tricked into approving the transaction themselves
   • E.Banks trust fraudsters more than customers

3. Q3.Which of the following is NOT mentioned as a step taken by banks or regulators?

   • A.Faster reporting so stolen money can be frozen
   • B.Cooling periods for new beneficiaries
   • C.Making cash withdrawals free of charge
   • D.Limits on first-time transactions
   • E.Alerts to customers

Start the test to answer these. Correct answers and explanations are shown after you submit.