Ideas to reduce false Positives in Fraud Detection

False positive or we can say Type 1 Error is the most dangerous because we are not aware or we are not taking any action because we don’t know about that.

1.)Iterative approach

We need to continuously check ,improve and add new things to our model,so that we are prepare for any new type of attack.This approach can help the company to fight against most of the attacks.

2.)Searching

Company security department should search for new ways by studying the previous attack and find the ways in which the attack can take place and build a model which is capable of detecting most of the intrusion.

3.)Learning

Company need to learn from their mistakes,and not only their mistakes but also from the attack that has been happenend on another company.All the companies need to work together to find out a good solution to their problem.