Utilizing Machine Learning In Banking To Prevent Fraud.pdf
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Machine Learning (ML) is a vital tool for fraud detection in banks. It can spot potential fraud by examining patterns in transactions and comparing them with known fraudulent activity. It uses algorithms to identify these patterns, which are then used to predict whether or not a transaction is fraudulent. These algorithms are trained using historical data, so they can only identify patterns in existing data and cannot learn new ways as they occur.
