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Airlines Tackle $1.4 Billion Online Fraud Challenge With 41st Parameter’s Device Identification Technology

Written by thomas · Filed Under Commercial 

April 30, 2009

thomas

41st Parameter’s FraudNet Providing a Holistic Approach to Fraud Management which is critical to Global Carriers’ Profitability Outlook

SCOTTSDALE, Ariz., April 30 /PRNewswire/ — 41st Parameter Inc., a leading provider of internet fraud detection and prevention systems to the Airlines Industry, announced today its FraudNet solution is significantly reducing fraud losses for airlines across multiple card not present channels; allowing for legitimate sale of seat capacity and revenue retention. According to the recent Airline Online Fraud Survey, curtailing fraud loss and profit protection are key initiatives for airlines during tough economic times.

FraudNet utilizes multiple risk models providing the most accurate, end-to-end fraud screening available; beginning the moment a reservation is initiated through time of departure. As the Airline Industry’s most installed, dedicated fraud detection solution, FraudNet incorporates the leading device identification technology PCPrint(TM), with hundreds of algorithms to automatically assess and score reservation risk. Additional protection is also provided to an airline’s most valuable customers, frequent flier program members by securing passenger’s accrued miles from unfamiliar device access and account takeover.

“The Airline Industry has undergone a reservation process transformation and clearly understands the dramatic cost savings associated with the online channel,” said David Britton, an experienced fraud prevention expert and Senior Vice President of Product Management for 41st Parameter. “Leading global airlines seeking to improve their profitability are utilizing PCPrint and FraudNet to minimize their risk while shifting a greater percentage of their sales to the web.”

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Mr. Britton will participate in an upcoming panel of industry experts on the topic of “Payment Fraud Trends in the Airline Industry.” This pre-event workshop is part of the Airline A-La-Carte Pricing Conference in Miami, FL and will take place on May 11 at 4:45 ET. 

Recent 41st Parameter FraudNet selections in the Travel Services Industry include three US based global airlines and an International payments processor representing multiple airline clients.

About 41st Parameter

41st Parameter provides solutions for detecting and preventing fraud across multiple channels for the world’s most valued and recognizable brands. Leading travel services, financial institutions, and e-commerce companies rely on 41st Parameter’s technology to protect them from cybercrime threats including card not present fraud, new account origination fraud, phishing and account compromise, credit bust outs, and fraud ring detection. Founded in 2004, 41st Parameter makes the process of detecting and preventing fraud easier and more effective, reducing both expenses and potential losses. As a leading web fraud detection innovator the company supplies industry-proven solutions which integrate advanced device identification with comprehensive risk management capabilities.

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