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Statistical techniques for fraud detection, prevention, and evaluation

Statistical techniques for fraud detection, prevention, and evaluation

This video was recorded at NATO Advanced Study Institute on Mining Massive Data Sets for Security. The talk begins by setting the context: fraud is defined and its breadth outlined; figures are given showing how significant fraud is; and different areas of fraud are examined, including health care fraud, banking fraud, and scientific fraud. The particular data analytic challenges of banking fraud are described and illustrated in detail. These include the fact that the classes are highly unbalanced (with typically no more than 1 in a 1000 transactions being fraudulent), that class labels may often be incorrect, that there will typically be delays in discovering the true labels, that the transaction arrival times are random, that the data are dynamic, and, perhaps most challenging of all,... Show More
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