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The rise of data science and machine learning has brought upon a new era in the field of finance. We’ll walk you through the top 5 ways data science is reinventing the industry: Fraud Prevention, Customer Analytics, Risk Management and Insider Trading. The main application of this anomaly detection in finance comes in the form of catching illegal insider trading, such as identity theft and credit card fraud. Data science has substantially improved fraud prevention in more ways than one: it helps banks protect their clients, as well as themselves, and even insurance companies, from huge financial losses.