The Strange Logic Behind Catching Business Frauds - Benford's Law

Benford's law easy explanation. There is a really simple law that explains how to detect fraud when there are numbers involved. It can help you detect accounting fraud, and election fraud and help you get an idea of whether the given data has been altered or not. It's called Benford's law, and we're talking about it in this episode of the FutureIQ podcast with Dr. Navin Kabra and RJ. Shrikant. Let's understand what is Benford's law. How does Benford's law work? What are the examples of Benford's law? What are the real-life applications of Benford's law and everything else that will help you detect auditing, business, accounting and other types of fraud? Hope you enjoyed FutureIQ by Navin Kabra and Shrikant Joshi. Do hit us up on Twitter: @ngkabra http://twitter.com/ngkabra @shrikant https://twitter.com/shrikant Listen it on the podcast provider of your choice: https://tapthe.link/FutureIQRSS Learn how the ideal amount of fraud is not zero: https://youtu.be/joF5dHhF3s0 Another interesting law, Goodhart's law: https://youtu.be/OU5W-b_e8a4 Chapters: 00:00 Introduction 00:45 Detecting frauds 03:33 How it works? 04:45 Real life examples 05:18 How to detect frauds? 07:10 Iran's election fraud 09:20 Can you fool it? 11:12 Real life applications #futureiq #benfordslaw