Iata deploys high-tech fraud prevention solution
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.