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IATA Expands Activities Against Payment Fraud
Posted: 2016 Jan 08


Seeking to reduce the instances of payment fraud which costs the airline industry an estimated $858 million annually, the International Air Transport Association (IATA) has announced the expansion of its activities to tackle this menace. The loss to the industry is quite substantial as out of the $858 million that the payment frauds incur, airlines absorb $639 million, while the rest is spread amongst those involved in the value chain. “IATA is committed to helping the industry fight fraud. Our partnership with Ypsilon Net AG brings a modern fraud prevention solution that meets the needs of both airlines and travel agents to reduce fraud and increase the confidence in generating new sales via all available distribution channels,” said Aleks Popovich, IATA’s Senior Vice President Financial and Distribution Services. Towards this end, the IATA is making its IATA Argus Fraud Manager (IATA Argus) available to airlines and travel agents, in cooperation with Ypsilon Net AG. IATA Argus offers both travel agents and airlines, a unique, fully-integrated and automated payment fraud detection and management solution. Hans-Joachim Klenz, CEO of Ypsilon Net AG said, “You cannot segregate fraud occurring on airline direct channels from fraud generated through travel agency or online travel agency channels. IATA Argus combines ease of implementation and cost efficiency in a system that protects all channels effectively and provides full automation. Suspect transactions from as early as the booking request stage, can be flagged and even cancelled when deemed appropriate by the IATA Argus system, by accessing information available in global distribution systems. As a result, it can not only notify the agent or airline of a suspicious booking but also automatically take action to void, suspend or cancel a ticket.


 
 
 
 
 

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