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News

Fraud experts address Air travel payment conference

41st Parameter : 29 October, 2009  (Company News)
41st Parameter is attending a summit in Shanghai where the company will address major airline companies on the subject of fraud prevention and risk management during booking procedures
41st Parameter has been invited to present during the forthcoming China Airline Booking & Payment Summit, October 29-30 in Shanghai, China. Summit organisers called upon 41st Parameter to host and participate in two separate presentations during the conference; sharing knowledge derived from the company's proven online fraud detection and prevention solutions for the Airline Industry.

October 29th - 41st Parameter will sit on a panel titled 'The Development of an Airline's Online Payment Strategy' moderated by AsiaPay with additional panelists from Gulf Air, Shanghai Airlines and China United Airlines. Mobile payment fraud is an emerging challenge for the Airline Industry; issues and counter-measures will be discussed.

October 30th - 41st Parameter will speak on 'The Importance of Device Data: Empowering Airlines to Detect and Prevent Card Not Present Fraud across Multiple Reservation Channels.' The company will discuss the value of using a wider variety of information, including a combination of device information from any Internet-connected device combined with user-entered data, to more effectively detect fraud.

Payments fraud in the international airline industry is a serious and growing problem with reported losses exceeding $1.4 billion annually. A leading Chinese payment service provider recently reported a 60 per cent increase in Card Not Present fraud for Chinese airlines in the first half of 2009.

In addition, a surge in the use of mobile devices has created an acute challenge for the airline industry. In-Stat predicts the mobile payments market in China will grow to more than $13 billion by 2013. In a 2009 survey of airline industry fraud executives, 41st Parameter found most airlines reported insufficient rules and defence mechanisms, and a rise in card-not-present fraud.

41st Parameter's FraudNet solution helps airlines around the world fight fraud. FraudNet utilises multiple risk models providing the most accurate, end-to-end fraud screening available; beginning the moment a reservation is initiated through to time of departure. As the Airline Industry's most installed, dedicated fraud detection solution, FraudNet incorporates the leading device identification technology PCPrint, with over 400 algorithms to automatically assess and score reservation risk. In addition, FraudNet protects an airline's most valuable customers, frequent flier program members, by securing member's accrued miles against fraudulent access and account takeovers.
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