Lec 7

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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?

Canada

Germany

United States (correct)

United Kingdom

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?

High amount transaction Signup and view all the answers

Which law has existed since the late 1800s and helps in detecting fraud?

Benford's Law Signup and view all the answers

What type of learning is mentioned in relation to fraud detection with AI?

Both supervised and unsupervised learning Signup and view all the answers

Which sector is highlighted as one of the most successful applications of AI in fraud detection?

Credit card fraud detection Signup and view all the answers

What do banks' systems using AI detect to flag for investigation?

'Unique' activities or behaviors ('anomalies') Signup and view all the answers

How do traditional approaches like Benford's Law detect fraud?

Analyzing the first digits in a given set of data Signup and view all the answers

Which of the following is NOT an indicator mentioned in signature-based approaches for fraud detection?

Low amount transaction Signup and view all the answers

Lec 7

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Questions and Answers

What is one of the simplest ways to detect fraud according to the text?

Which country's banks spend over $70 billion on compliance each year?

How does AI contribute to fraud detection in banks?

What is a common indicator used in signature-based fraud detection approaches?

Which law has existed since the late 1800s and helps in detecting fraud?

What type of learning is mentioned in relation to fraud detection with AI?

Which sector is highlighted as one of the most successful applications of AI in fraud detection?

What do banks' systems using AI detect to flag for investigation?

How do traditional approaches like Benford's Law detect fraud?

Which of the following is NOT an indicator mentioned in signature-based approaches for fraud detection?

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