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What are some of the best practice algorithms for detecting fraudulent credit card transactions?
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1. Rule-Based Systems: These systems are designed to set specific criteria and alert users to potential fraudulent activity when conditions are met.
2. Neural Networks: Neural networks are a type of computer program that can detect patterns in large amounts of data.
3. Support Vector Machines: Support vector machines can detect complex patterns and classify them as fraudulent or not.
4. Anomaly Detection: Anomaly detection algorithms use data points that are far from the average to flag fraudulent activity.
5. Random Forests: Random forests are a type of decision tree-based algorithm that uses randomly selected subsets of data to classify data points.