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Which application of neural networks is used for fraud detection?

Practice Questions

Q1
Which application of neural networks is used for fraud detection?
  1. Customer segmentation
  2. Anomaly detection
  3. Market analysis
  4. Product recommendation

Questions & Step-by-Step Solutions

Which application of neural networks is used for fraud detection?
  • Step 1: Understand what neural networks are. They are computer systems that learn from data.
  • Step 2: Learn about fraud detection. It is the process of identifying illegal activities, like stealing money or identity.
  • Step 3: Know that fraud often involves unusual patterns in data, which are different from normal behavior.
  • Step 4: Realize that neural networks can analyze large amounts of data to find these unusual patterns.
  • Step 5: Conclude that neural networks are used in fraud detection because they can spot anomalies that may indicate fraud.
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