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Geneva – The International Air Transport Association (Iata) announced on Thursday that it is expanding its activities to prevent payment fraud in the air travel industry.
Payment fraud costs the industry an estimated $858m annually, approximately $639m of which is borne by airlines and the remainder by other participants in the travel value chain, including travel agents. Iata is cooperating with Ypsilon Net AG to make Iata Argus Fraud Manager (Iata Argus) available to airlines and travel agents.
By accessing information available in global distribution systems, Iata Argus is able to detect suspect transactions from as early as the booking request stage, 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.
“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 AG.
