CyberSource Corporation announced today the general availability of its Airline Online Fraud Report, a comprehensive study of the impact of online fraud on the airline industry. CyberSource commissioned the study in association with Airline Information LLC. It can be downloaded at: http://forms.cybersource.com/forms/airlinefraudpr .
Dr. Akif Khan, head of client and technical services at CyberSource Ltd., said, “eCommerce is one of the most important sources of airline revenues, with about a third of all bookings deriving from the online sales channel. So this form of crime is of paramount concern to our airline customers and to us. We hope this study will enable all who care about the industry to better understand fraud, its implications, and possible solutions.”
According to the report, airlines worldwide lost over US$1.4 billion to online fraudsters in 2008, about 1.3 percent of worldwide airlines’ online revenue.
CyberSource Corporation’s broader annual study of eCommerce fraud is now in its tenth edition in the US and fifth annual edition in the UK. The reports have been cited in scores of publications and government studies over the years. This first in-depth look at online fraud in the global airline business examines key metrics and discusses real-world payment management tactics that can be implemented by airlines to improve business efficiency and profitability.