Benford’s Law
September 4th, 2008 | Published in Statistics, Video/Audio
Benford’s Law roughly states that values of measurements in nature often have a logarithmic distribution. Which produces a counter-intuitive result that when applied to a wide variety of natural data sets, including stock prices and population numbers, etc. these things tend to follow that distribution.
In this video it give a rough explanation of how Benford’s Law can be used in Fraud Detection.
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