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What does 50% precision mean in this case? I know 50% accuracy might mean P(fraud_predicted | fraud) = 50%, but I don't understand what you mean by precision?

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Precision = True Positive / (True Positive + False Positive) = 1 - False Positive Rate

On that note, I'm surprised the precision / recall for fin models are 80% / 50%

They are obviously relatively low stakes, otherwise I'd be super worried.

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