Anomaly Detection Use Case: Credit Card fraud detection

The fraudster’s greatest liability is the certainty that the fraud is too clever to be detected. — Louis J. Freeh The fact is that fraudulent transactions are rare; they represent a diminutive fraction of activity within an organization. The challenge is that a miniature percentage of activity can quickly turn into big financial losses without the right systems and tools in place. Criminals are deceitful and frequently change their tactics. This publications highlights how advances in fraud analytics, systems can learn, adapt and uncover emerging patterns for preventing fraud. What is Anomaly Detection Anomaly detection is a technique used to…...