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.
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what are some of the challenges with using machine learning for fraud detection?
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some of the challenges with using machine learning for fraud detection include the need for a large amount of labeled data for training, the challenge of dealing with unbalanced datasets with a large proportion of non-fraudulent transactions, and the difficulty of keeping up with constantly evolving fraud techniques. additionally, machine learning models also can be prone to making mistakes in rare edge cases, resulting in false positives or false negatives.
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