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HOW TO DETECT FRAUD
+20% more accurately than Benford's Law
Benford‘s Law and
Fraud experts have used Benford’s Law for a long time. It’s a powerful approach to detect fabricated transactions, but with one caveat: too many false positives. We’ve worked
to mitigate that. Our algorithm is based on Benford’s Law while mitigating this weakness.
What we improved in Benford’s Law:
Using a predefined sample size. Without it, false positives are almost inevitable.
Benford’s Law fails with non-Benford data.
Detecting fraudsters who try to mimic Benford’s Law.
Types of fraud detection:
Our algorithm detects where a human may have fabricated transactions, such as:
✔ Accounting fraud
✔ Invoice fraud
✔ Tax fraud
The result: our algorithm can detect corporate fraud with a +20% higher accuracy than the traditional Benford’s Law approach.
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