What are the applications of anomaly detection in real-world scenarios?

What are the applications of anomaly detection in real-world scenarios?

Anomaly detection is widely used in various fields such as finance for fraud detection, healthcare for disease outbreak monitoring, and cybersecurity for identifying network intrusions.

Can you give me an example of how it's used in finance?

Sure! In finance, anomaly detection algorithms analyze transaction patterns to identify unusual activities that may indicate fraudulent transactions.

What about its use in healthcare?

In healthcare, anomaly detection can help monitor patient vitals and flag any irregular patterns that may suggest a medical emergency.

Are there any challenges in implementing anomaly detection?

Yes, challenges include dealing with false positives, ensuring data quality, and the need for continuous model updates to adapt to new patterns.