Action to crack down on payment fraud in the air travel industry is being stepped up by Iata by including agents in a high-tech prevention method.
Payment fraud costs the industry an estimated $858 million a year, with $639 million borne by airlines and the remainder by other participants in the travel value chain, including travel agents.
The airline trade body is making its Iata Argus Fraud Manager available to airlines and travel agents in an effort to cut payment fraud.
While some airlines use a range of systems to reduce fraud activity in their direct sales, Iata Argus - offered in conjunction with IT and payment solutions provider Ypsilon Net AG - claims to offer a fully-integrated and automated payment fraud detection and management solution for both agents and airlines.
Iata Argus is able to detect suspect transactions from as early as the booking request stage by accessing information available in global distribution systems, and flag them or even cancel them as appropriate.
It can notify the agent or airline of a suspicious booking, and automatically take action to void, suspend or cancel a ticket.
Iata financial and distribution services senior vice president, Aleks Popovichm said: “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.”
Ypsilon Net AG chief executive, Hans-Joachim Klenz, added: “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.”
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