as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
build an algorithm to detect fraud.
user
the algorithm should take into account factors such as amount of purchase, type of purchase, geographic location, payment method, and time of transaction. it should then compare these factors to past transactions and customer behavior to detect any anomalies or suspicious activity. if anything suspicious is found, the algorithm should alert the appropriate parties and provide the customer with extra verification steps.
assistant