The CyberSource Airline Fraud Report, published this week, reveals that online fraud loss rates for the world’s leading airlines are down 31% since the last survey in 2008. While 0.9% of global online ticket sales were lost to online fraud in 2010, amounting to £856,00m ($1.4bn) this is a big improvement compared to three years ago.
Lauren Wang, group manager for solutions marketing at CyberSource said: “This is a good news story for the online air ticket market. There is plenty of online growth projected for the airlines, and at the same time they are on course to see fraud rates continue to come down. This confirms that the fraud prevention tools airlines are investing in are delivering results, and that industry best practice, data sharing and collaboration is paying off.”
Wang said the 140 key airlines surveyed were using 7.6 different fraud prevention tools in 2010, compared to the less effective number – 5.8 tools – in 2008. “The more action that is taken with up-front fraud detection and prevention tools – such as automated fraud screening – the better these companies are becoming at tackling the fraudsters,” she said.
