Airline industry stepping up fight against fraud
Wednesday, 08 Jan, 2016
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Airline body IATA is cracking down on payment fraud against airlines and travel agents.
IATA says fraud costs the industry around $858 million a year.
While the majority (around $639 million) is borne by airlines, the rest is borne by others in the chain, including travel agents.
In partnership with Ypsilon Net, IATA is now offering its fraud detection system, IATA Argus, to airlines and travel agents.
"IATA is committed to helping the industry fight fraud," said Aleks Popovich, IATA’s senior vice president financial and distribution services.
The system can access global distribution systems and can detect suspicious transactions as early as the booking request stage.
It then flags them up or can even cancel them as appropriate.
It can also notify the agent or airline of a suspicious booking, and automatically take action to void, suspend or cancel a ticket.
"You cannot segregate fraud occurring on airline direct channels from fraud generated through travel agency or online travel agency channels," said Hans-Joachim Klenz, CEO of Ypsilon Net.
"IATA Argus combines ease of implementation and cost efficiency in a system that protects all channels effectively and provides full automation."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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