What are some traditional fraud detection techniques?
An example of an AI chatbot conversation about traditional fraud detection techniques.
What are some traditional fraud detection techniques?
Traditional fraud detection techniques include rule-based systems, statistical analysis, and manual reviews.
How do rule-based systems work in detecting fraud?
Rule-based systems use predefined rules to identify suspicious activities, flagging transactions that meet certain criteria.
Can you give an example of a statistical analysis method?
Sure! One common method is anomaly detection, which identifies outliers in transaction data that deviate from normal patterns.
What are the limitations of these traditional methods?
Limitations include high false positive rates, inability to adapt to new fraud patterns, and reliance on historical data.
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