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Questions and Answers
What is one of the simplest ways to detect fraud according to the text?
What is one of the simplest ways to detect fraud according to the text?
- Applying Benford's Law to the first digits in a given set of data (correct)
- Relying on signature-based approaches
- Using supervised learning algorithms
- Analyzing the last digits in a given set of data
Which country's banks spend over $70 billion on compliance each year?
Which country's banks spend over $70 billion on compliance each year?
- Canada
- Germany
- United States (correct)
- United Kingdom
How does AI contribute to fraud detection in banks?
How does AI contribute to fraud detection in banks?
- By reducing the precision of real-time approvals
- By increasing the number of false rejections
- By flagging unique activities or behaviors for investigation (correct)
- By relying solely on signature-based approaches
What is a common indicator used in signature-based fraud detection approaches?
What is a common indicator used in signature-based fraud detection approaches?
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Which law has existed since the late 1800s and helps in detecting fraud?
Which law has existed since the late 1800s and helps in detecting fraud?
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What type of learning is mentioned in relation to fraud detection with AI?
What type of learning is mentioned in relation to fraud detection with AI?
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Which sector is highlighted as one of the most successful applications of AI in fraud detection?
Which sector is highlighted as one of the most successful applications of AI in fraud detection?
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What do banks' systems using AI detect to flag for investigation?
What do banks' systems using AI detect to flag for investigation?
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How do traditional approaches like Benford's Law detect fraud?
How do traditional approaches like Benford's Law detect fraud?
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Which of the following is NOT an indicator mentioned in signature-based approaches for fraud detection?
Which of the following is NOT an indicator mentioned in signature-based approaches for fraud detection?
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