You are assigned to develop a machine learning model that can identify fraudulent transactions. How would you deal with the class imbalance in the dataset?
- No need to address class imbalance
- Oversampling the minority class
- Removing the imbalance by eliminating records
- Undersampling the majority class
Dealing with class imbalance often involves oversampling the minority class, creating synthetic data points to balance the dataset. This ensures that the model doesn't bias towards the majority class, which is crucial in fraud detection where fraudulent transactions are rare.
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