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Short Paper: Credit Card Fraud Detection using LightGBM with Asymmetric Error Control

Credit card frauds, while only account for about 0.1% of all card transactions, resulting in huge financial and reputational losses. Challenges of detecting credit card frauds are from the imbalanced nature of the recorded data, the need for controlling the trade-off between miss detection and false alarm, and incomplete information due to confidentiality requirements. In this paper, we propose an innovative fraud detection framework implementing the LightGBM method under the Neyman-Pearson paradigm, which enables asymmetric error control. Performance measurement metrics are also introduced to evaluate different classification frameworks. We can successfully keep the miss detection rate under the desired upper bound and control false alarm at the same time.