Provide A 50-75 Word Discussion Reply To The Following Post Below. Answers 2Bids 48Other questions 10,Provide A 50-75 Word Discussion Reply To The Following Post Below. Answers 2Bids 48Other questions 10

Data Mining Applications            Data mining or as once called the “extraction of knowledge” is the examination of large amounts of data and databases with the intent of generating new information.  With more and more businesses expanding throughout the country and into the international market place, the need for computers and databases is at a higher level.  The ability to have software that can analyses, groups and sorts that information for later use is substantial.  For example, if I owned a business in Spain I could predict future sales along with developing marketing strategies for different market targets.            In the world of finance data mining is significant with literally millions of transactions being conducted daily all over the world, data mining technology is vital especially in the case of fraud detection.  By using data warehousing and data mining, financial institutions can monitor how and where you spend your money, geographically.  I live in Virginia Beach and at least two -three times a week I am in Walmart (ridiculous I know), my bank can see that and over a period of months can start to see a pattern, to them this is normal.  But with data mining technology if someone was to purchase something in Texas, out of my normal pattern it would alert the bank for suspicion.  If my card wasn’t used again this was most likely a fraudulent purchase, however if it was used a few more times in that are the bank could freeze the account until I was contacted and verified that it was me or verified that it wasn’t me.  Most bank now require notification that you are traveling, by notifying the bank your risk of having your travel interrupted to deal with the bank is gone.            This recently happened to me, I traveled to Connecticut and used my credit card for gas, I had not notified the credit company, the transaction went through, but I didn’t realize that a freeze was put on the card till I tried to use it a few weeks later at home.  I had to call the bank and verify transactions in order to have the freeze removed.References:S.A.S (N.D.) “Data mining”. Retrieved from: (Links to an external site.)Links to an external site.

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