Fraud analytics using descriptive, predictive, and social by Bart Baesens

By Bart Baesens

Detect fraud previous to mitigate loss and forestall cascading damage

Fraud Analytics utilizing Descriptive, Predictive, and Social community Techniques is an authoritative guidebook for constructing a complete fraud detection analytics resolution. Early detection is a key consider mitigating fraud harm, however it contains extra really good ideas than detecting fraud on the extra complex levels. This beneficial consultant information either the speculation and technical elements of those thoughts, and offers professional perception into streamlining implementation. insurance contains facts amassing, preprocessing, version development, and post-implementation, with accomplished tips on a number of studying strategies and the information kinds used by every one. those suggestions are potent for fraud detection throughout obstacles, together with purposes in assurance fraud, bank card fraud, anti-money laundering, healthcare fraud, telecommunications fraud, click on fraud, tax evasion, and extra, providing you with a hugely sensible framework for fraud prevention.

It is anticipated common association loses approximately five% of its profit to fraud each year. greater fraud detection is feasible, and this publication describes a number of the analytical thoughts your company needs to enforce to place a cease to the profit leak.

  • Examine fraud styles in ancient data
  • Utilize categorized, unlabeled, and networked data
  • Detect fraud earlier than the wear cascades
  • Reduce losses, raise restoration, and tighten security

The longer fraud is authorized to head on, the extra damage it factors. It expands exponentially, sending ripples of wear during the association, and turns into progressively more advanced to trace, cease, and opposite. Fraud prevention is determined by early and potent fraud detection, enabled through the innovations mentioned the following. Fraud Analytics utilizing Descriptive, Predictive, and Social community Techniques is helping you cease fraud in its tracks, and cast off the possibilities for destiny occurrence.

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Additional resources for Fraud analytics using descriptive, predictive, and social network techniques : a guide to data science for fraud detection

Sample text

It is important to notice that the improved power of data-driven approaches over human processing can be observed in similar applications such as credit scoring or customer churn prediction. Most organizations only have a limited capacity to have cases checked by an inspector to confirm whether or not the case effectively concerns fraud. The goal of a fraud-detection system may be to make the most optimal use of the limited available inspection capacity, or in other words to maximize the fraction of fraudulent cases among the inspected cases (and possibly in addition, the detected amount of fraud).

On the one hand, this definition captures the essence of fraud and covers the many different forms and types of fraud that will be 2 FRAUD: DETECTION, PREVENTION, AND ANALYTICS! 3 discussed in this book. On the other hand, it does not very precisely describe the nature and characteristics of fraud, and as such, does not provide much direction for discussing the requirements of a fraud detection system. A more useful definition will be provided below. Fraud is definitely not a recent phenomenon unique to modern society, nor is it even unique to mankind.

This book is the result of many years of research and teaching in analytics, risk management, and fraud. We first would like to thank our publisher, John Wiley & Sons, for accepting our book proposal less than one year ago. We are grateful to the active and lively analytics and fraud detection community for providing various user fora, blogs, online lectures, and tutorials, which proved very helpful. We would also like to acknowledge the direct and indirect contributions of the many colleagues, fellow professors, students, researchers, and friends with whom we collaborated during the past years.

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