The Airlines Reporting Corportation (ARC) is developing a fraud prevention solution for deployment this year that will focus on helping airlines effectively employ the latest technology to combat credit card fraud through their direct sales channel. To be known as ARC Sentinel, the solution will be powered by Accertify.
“For carriers without effective fraud prevention solutions, rising ‘card not present’ fraud means either a disproportioned allocation of scarce resources or simply suffering the losses,” says Dottie Hogan, ARC’s director of risk management. “This is not acceptable. In response, ARC is developing a premier fraud prevention solution for all carriers whose scarce resources have increasingly made them targets.”
ARC Sentinel leverages ARC’s economies of scale as well as industry-leading data and fraud analysis resources combining these with the expertise of Accertify, a leader in preventing online fraud and mitigating enterprise-wide risks, ARC said. While primarily focused on airlines, ARC believes there is an agent benefit from less fraud in the industry through any and every channel. Success of ARC Sentinel could permit downline development of further tools for direct use by the agent community.
The joint fraud prevention solution employs a shared adaptation of Accertify’s Interceptas platform, which has already proven to prevent millions of dollars in fraudulent bookings for a growing number of individual carrier users, ARC said.
The fraud prevention solution being developed and targeted for availability in the coming year will provide the following benefits:
* Reduce overall carrier fraud costs
* Less time spent reviewing transactions as a result of automated search and rules engine
* Quick review of at risk transactions
* Riskier transactions prioritized using online tool access
* Increase positive sales
* Drastic reduction in credit card chargebacks
* Experience shows chargeback reduction may be greater than 70 percent
* More efficient use of resources, as many as 35 percent fewer fraud prevention resources needed
* Shared benefit from ARC’s economies of scale
* ARC managed fraud rules engine reduces carrier costs
* Easy-to-use visual interface providing dashboard-type analysis
ARC Sentinel will also be featured June 15-17 at the 2010 ARC Carrier Information & Global Fraud Prevention Forum in Las Vegas.