unit 3 - is my money safe?

Vocabulary practice flashcards defining key terminology relating to personal finance, digital payment technologies, cyber security, and emerging financial platforms.

Accreditation

A formal process of evaluation used by an authorised accreditation agency to determine whether an individual meets a predetermined set of standards.

Authorised transaction

A payment that a person knowingly agrees to, which happens when the person gives permission for money to be taken from their account.

Unauthorised transaction

A money transfer from a person's account for which they did not give permission.

Bill Shock

An unpleasant reaction experienced by a person who receives unexpected charges on their household bills.

Biometric Checkout

A payment system that uses personal fingerprint, facial data, or other unique physical or behavioural traits willingly provided to a financial merchant to verify identity during a purchase.

Blackmail

A threat made towards a person or organisation to release their personal or sensitive information unless a payment is made.

Blockchain

A digital technology that allows financial transactions to be verified without the authority of traditional banking or legal organisations.

Broker

A person who acts as an intermediary between buyers and sellers, usually within financial markets for items such as shares, currencies, loans, and insurance products.

Cyber Security

The practice of protecting computer systems, networks, and sensitive data from unauthorised access, theft, damage, and other forms of cyber threats.

Cyber Security Analyst

A professional who provides businesses with solutions on improving ICT security through system analysis, log and traffic monitoring, and developing data protection strategies.

Data Breach

When an individual, group, or organisation gains unauthorised access to a computer system, network, or database containing sensitive data.

Data Encryption

A process which converts data into an indecipherable code so it cannot be read by anybody other than those who have the encryption key.

Facial Recognition Payment (FRP)

A payment method that allows individuals to use a software scan of their facial features as payment verification.

Financial Adviser / Financial Planner

A business professional who helps people make financial decisions about budgeting, investing, superannuation, retirement, insurance, and taxation.

Financial Counsellor

A professional who assists individuals experiencing significant financial hardship by helping them arrange debt consolidation plans and request payment extensions.

Financial Dispute Resolution (FDR)

An investigation into possible incorrect charges made for the purchase of goods and services.

FinTech

Financial Technology; describes the use of advanced digital technologies to innovate and automate financial services.

Finfluencer

A person who, by virtue of their popularity or cultural status, influences the financial decision-making process of others through promotions or recommendations on social media.

Internet of Things (IoT)

An interconnected network of physical objects, devices, vehicles, buildings, and other items embedded with sensors, software, and network connectivity to collect and exchange data.

Legal Liability

The responsibility of an individual or organisation to comply with all applicable laws in relation to goods or services they provide.

Malware

Malicious Software; software designed to cause harm, steal data, or gain unauthorised access to computer systems or networks.

Near Field Communication (NFC)

A technology that allows two devices to exchange data wirelessly over a short distance.

New Payments Platform (NPP)

An infrastructure for verified digital payments that is significantly faster than traditional banking methods.

Non-fungible Token (NFT)

A unique digital asset that represents ownership of a specific item or piece of content, such as artwork, music, video, or text.

Personal Data

Information such as a person's name, address, date of birth, phone number, or sensitive medical and financial records.

Regulation

The process of creating and enforcing rules and standards that govern behaviour and activities within a particular industry.

Technology Vulnerability

A weakness or flaw in hardware, software, or a system that can be exploited by a cyber attacker.

Cryptocurrency

A form of digital asset based on a network distributed across many computers, allowing it to exist decentralized outside the control of governments and central authorities.