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Airlines lose $1.4 billion in online fraud, survey finds
18 March 2009
Online fraud cost airlines almost $1.5 billion in 2008, according to a new survey. Airlines need to rethink how they protect themselves, says Akif Khan, head of client and technical services at online payment firm CyberSource, which commission the survey.
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Airline fraud
online fraud
A new survey has found that online fraudsters cost airlines globally over $1.4 billion in 2008, usually through making bookings with stolen or false payment details.
The Airline Online Fraud Survey was commissioned by CyberSource Corporation, an electronic payment and risk management specialist, and consultants Airline Information. A third of industry revenues derive from e-commerce, the survey says, and managing the problem will become of ever greater importance.
“That the report revealed there is fraud was not a surprise,” says Akif Khan, head of client and technical services at CyberSource. “What surprised us more are the trends and differences between different types of airlines and geographies.”
According to the survey business class airlines were considerably more active in fraud screening than low cost carriers. Business carriers on average used more fraud detection techniques than their low cost counterparts: 6.4 compared to 4.9. As a result they lost only...
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