Building FACT To Help Airlines Fight Fraud
The growth of online payments in the last two decades means that a vast amount of financial information, particularly payment card data, is stored on the Internet. Hackers can break into databases, download the payment card information and then sell it to buyers on the dark web. This stolen card data is then often used to buy airline tickets. This causes the airline industry to lose over $1 billion per year, as estimated by International Air Transport Association (IATA).
What makes airline related fraud more difficult to tackle is that it is often not a crime carried out in a single jurisdiction. One transaction can involve several countries, all with different police forces, legal priorities and rules of evidence. For example, a ticket can be bought for an Australian passenger with a US credit card using a Brazilian IP address for a flight from Cyprus to London on an Egyptian airline.
However, law enforcement agencies at the national level have become interested in fighting credit card fraud over the past decade because they increasingly are aware that card fraudsters are often involved in other, even more serious crimes, such as human trafficking, drug trafficking and terrorism. But law enforcement needed partners who could help them gather evidence, and so, in 2013 a pivotal partnership began to take hold.
We wrote this article for About-Fraud.com and you can read it here.
Back to news overview