It depends on what product/service you are trying to detect fraud on. Generally speaking the best approach is a layered one that utilizes information from various data points to asses the fraud risk and alert accordingly.
Search for a product comparison in Fraud Detection and Prevention
What is Fraud Detection and Prevention? It wasn’t that long ago that fraud detection and prevention involved reviewing a fair bit of historical data analysis. Data scientists would be poring over tons of credit card records in order to spot fraudulent (or with luck, potentially fraudulent) activity.
Fast forward to today and we see fraud detection systems depend on catching and stopping fraud the second it’s spotted or even before it actually occurs. Automated solutions for fraud...
It depends on what product/service you are trying to detect fraud on. Generally speaking the best approach is a layered one that utilizes information from various data points to asses the fraud risk and alert accordingly.
FICO, Lexis Nexis Threath Metrix.