What are the best practices in fraud detection?

What are the best practices in fraud detection?

The best practices in fraud detection include using advanced analytics, machine learning, and continuous monitoring.

How can machine learning improve fraud detection?

Machine learning can analyze large datasets to identify patterns and anomalies that may indicate fraudulent activity.

What role does data quality play in fraud detection?

Data quality is crucial; accurate and clean data ensures that detection algorithms work effectively and reduce false positives.

Can you give examples of tools used in fraud detection?

Sure! Tools like SAS Fraud Management, FICO Falcon, and Actimize are commonly used for fraud detection.