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In which industry are Random Forests commonly used for fraud detection?

Practice Questions

Q1
In which industry are Random Forests commonly used for fraud detection?
  1. Healthcare
  2. Finance
  3. Retail
  4. Manufacturing

Questions & Step-by-Step Solutions

In which industry are Random Forests commonly used for fraud detection?
  • Step 1: Understand what Random Forests are. They are a type of machine learning algorithm used for making predictions.
  • Step 2: Identify the purpose of using Random Forests. They help in detecting patterns, such as fraud.
  • Step 3: Recognize the industries that deal with fraud. The finance industry is one of the main sectors that faces fraud issues.
  • Step 4: Conclude that Random Forests are commonly used in the finance industry to detect fraudulent transactions.
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