10 Questions
What is a common characteristic of fraud detection that involves examining changes over time?
It involves the use of time series models
What is the purpose of generated norms in fraud detection?
To determine whether observed values are anomalies or fall within expected ranges
What is the advantage of the strategic approach in investigating fraud symptoms?
It is targeted and specific
What is the result of waiting until fraud symptoms become egregious to detect fraud?
There are no winners
What is the purpose of Step 6 in the fraud detection process?
To investigate symptoms
What is the benefit of using inductive search for red flags in fraud detection?
It allows for fraud detection before symptoms become egregious
What is the relationship between historical patterns and data measurement in fraud detection?
Historical patterns are used to set the standard against which data are measured
What is the role of sharp and unexpected increases in spending, purchases, labor, or account balances in fraud detection?
They are indicative of possible fraud
What is the difference between inductive and deductive approaches to fraud detection?
Inductive approaches involve searching for red flags, while deductive approaches involve strategic fraud detection
What is the goal of fraud detection analytics?
To detect fraud before it occurs
This quiz covers data analysis techniques used to identify anomalies and detect fraudulent activities, such as price manipulation and vendor favoritism.
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