As with most E-commerce markets, global airlines are seeing rising levels of payment fraud attempts. The problem represents about a billion dollars, and as the following article reports, ACI Worldwide and Travelport are partnering with an effective fraud detection solution.
Travelport, today announced it has partnered with ACI Worldwide, a leading provider of electronic banking and payment solutions, to deliver an intelligent fraud control and settlement solution for its airline customers called Travelport Authorize Plus.
The airline industry is a target for cyber criminals globally. According to the International Air Transport Association (IATA), the industry incurs losses of $1 billion per year from fraudsters using stolen, compromised or fake credit card details to buy airline tickets. With the travel industry suffering from high levels of fraud, the impact on the bottom line can be severe.
Travelport Authorize Plus enhances Travelport’s existing Card Payment Gateway by integrating with ACI’s award-winning ReD Shield platform. Part of the UP Payments Risk Management solution, ReD Shield delivers real-time, cloud-based multi-tiered fraud prevention for eCommerce merchants of the UP Payments Risk Management solution. Through the integration, Travelport can provide its airline customers with the ability to seamlessly track ticketing purchase processes right through to the completion of a journey. ACI’s UP Payments Risk Management solution utilizes advanced data analytics, adaptive machine learning and customer profiling techniques.
Derek Sharp, Senior Vice President and Managing Director of Air Commerce, Travelport, commented: “Our partnership with ACI Worldwide is in response to the growing need to provide our airline customers with highly sophisticated tools to prevent card fraud in our industry.” Andy McDonald, Vice President, ACI Worldwide, added: “We are excited to provide Travelport with the cutting-edge payments fraud management capabilities that make Travelport Authorize Plus a leading fraud tool for the airline industry. When it comes to fraud control, authorization, and capture and settlement, the combination of our joint capabilities has the potential to dramatically change the way air ticket transactions are processed today.”
Cyber thieves know that airline ticketing represents a lucrative opportunity to exploit given the high volume of electronic ticketing and card-not-present payments. Now, the emergence of advanced security tools, spearheaded by machine learning, brings highly effective counter-measures to stop the fraudsters. Sophisticated machine learning algorithms get better with more volume, and airline transactions will give them the necessary experience to try to stay one step ahead of the crooks.
Overview by Raymond Pucci, Associate Director, Research Services at Mercator Advisory Group
Read the quoted story here