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The International Air Transport Association (IATA) is to expand its activities to prevent payment fraud in the air travel industry.
Payment fraud costs the industry an estimated $858 million annually, approximately $639 million of which is borne by airlines and the remainder by other participants in the travel value chain, including travel agents.
As part of its efforts, IATA is cooperating with Ypsilon Net AG to make IATA Argus Fraud Manager (IATA Argus) available to airlines and travel agents.
While some airlines already use a range of systems to reduce fraud activity in their direct sales, IATA Argus aims to provide a fully-integrated and automated payment fraud detection and management solution.
“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.” IATA senior vice president financial and distribution services Aleks Popvich.