validation of transactions

State the difference between verification and validation

Question 10Which of the following is an example of validation?1 pointuse of the software provides the correct results as documentedensuring the system locks out an account after three failed log-in attemptssoftware is well-received by the usersoftware recognizes incorrect inputs

The objective of transaction authorization is to ensure that only valid transactions are processed.Select one:TrueFalse

Validation accomplishes the following with respect to a product or service: Establishes the basic product premise at the hands of users Establishes the level of customer fulfillment Provides guidance on the nexus between the product and the business All of the above

What mechanism is usually implemented by banks to prevent fraudulent activities in payment and remittance services?Manual monitoring of all transactionsAutomated fraud detection systemsPhysical verification of all international transactionsDaily limits on all transactions