Practice Case Study 3: Credit Card Fraud Detection (18.5.3) - Data Science for Business and Decision- Making

Practice: Case Study 3: Credit Card Fraud Detection

Lesson 18.5.3Data Science for Business and Decision- Making

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10 questions

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6 sample questions

Question 1.
What is the primary purpose of anomaly detection in credit card fraud?
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Think about abnormal behavior.
Question 2.
Name one technique used for anomaly detection.
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Consider the classification tools discussed.
3Question 3.
What term refers to errors indicating fraud when none exists?
- True Positives
- False Positives
- True Negatives
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Remember the term related to incorrect fraud indications.
4Question 4.
Autoencoders are used for what purpose in fraud detection?
- Network Security
- Transaction Reconstruction
- Data Storage
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Focus on the reconstruction aspect.
Question 5.
Design a simple anomaly detection model using autoencoders and describe the step-by-step process.
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Focus on each step and ensure you understand the purpose of each phase.
Question 6.
Critique the advantages and disadvantages of using machine learning models vs. traditional methods in fraud detection.
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Analyze both sides critically.

6 more questions in this section. Enroll free to practise them all.