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Credit Card Fraud Statistics in Croatia: New Detection System Implemented

A recent report by Nexi Croatia, a leading PayTech company, has revealed alarming statistics on credit card fraud in the country. According to the report, over 130,000 credit card fraud reports were recorded in the US alone in 2018, with a total value of almost $25 billion worldwide.

Combating Credit Card Fraud

To combat this growing threat, Nexi Croatia has implemented a novel fraud detection system designed by CROZ, a team of experts who helped modernize the company’s existing fraud management system. The new system incorporates machine learning techniques and large amounts of historical data to improve prediction quality and reduce false positives.

Improved System Design

The traditional fraud detection system used by NEXI Croatia was based on explicit rules that were difficult to maintain and lacked flexibility. However, the new system uses machine learning models, such as LightGBM, which are more effective at detecting fraudulent activities.

Machine Learning Models

According to Maja Žuvić, Data Scientist, and Nataša Benčić, Senior Product Expert, at Nexi Croatia, the new model is significantly more effective in fraud detection, while also reducing the number of false positives. “The prediction quality of the newly developed LightGBM model vs currently used Logistic Regression model is greatly improved across all metrics,” they said.

Enhanced Dataset Quality

The new system has also increased dataset quality by incorporating more transactions and features (over 400), providing a larger historic scope of up to several months, and speeding up feature creation from days to hours. The code for feature creation has also been simplified and made easier to maintain.

Benefits of the New System

With the implementation of this new fraud detection system, Nexi Croatia is better equipped to combat credit card fraud in Croatia, ensuring faster and safer payment solutions for its customers.

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