Airtickets24.com is one of the leading online Travel Agencies in the world. The company is present in 25 countries offering online airtickets, hotel bookings, car rentals, ferries' tickets and other travel services. It's annual turn over is over 100 million Euro with a substantial growth rate each year.
BackgroundAirtickets24.com is effecting more than 95% of its annual transactions using online credit card payments. This factor attracted fraudsters who try to purchase airtickets or tickets for ferries using stolen credit card details.
The typical story goes like this: The cyber criminal uses a stolen credit card number to purchase a ticket online. After a month or so, the company receives a letter from the bank asking for documents proving the transaction.
Since on internet all credit card payments are considered as “Card No Present” transactions (CNP), Airtickets24.com is fully liable and has to refund the money back (charge-back). It is such a common story that results almost 25% losses on turnover as online fraud.
The company's reaction trying to reduce its monthly losses is:
Manual monitor of each transaction - labor inefficient
Market exposure limitation - killing growth
Hard-coded rules - punishing good customers
It was obvious that Airtickets24.com needed urgently an anti-fraud solution which could be adapted to the particular needs of the activity, setting an easily customizable Rules Engine, featured with Device Fingerprinting and Reputation Database protection layers.
SolutionAirtickets24.com addressed to Fraudpointer Team to asses the existing situation regarding online fraud and propose a solution. Without second thoughts the standard Fraudpointer platform was perfect for the case. The implementation of the Fraudpointer cloud-based platform which was effected by the dedicated Fraudpointer Support Team took one single day to be completed since no additional software or hardware was needed. After few weeks of use the company decided to integrate the Fraudpointer platform to their existing CRM solution so that Fraudpointer's results were transfered automatically to it.
ResultThe next day's results were allready spectacular and after five days of fine tuning on the Rules Engine Fraudpointer succeded:
-CNP fraud reduced by more than 90%
-Cases for manual review reduced by 95%
-Instant increase on daily turnover of more than 20%*
*due to the fact that some very strict hard coded rules that the company used until the implementation of Fraudpointer, were not needed any more
The impact to the business was of key importance:
-No more distraction from the core business
-No more losses due to CNP fraud that could affect seriously the future of company
-No more losses of revenuew due to unfairly punished good customers
-No more danger for business disruption*
-Open door for all the new developing markets without any hesitance
*as Credit Card Association trigger sometimes severe fines (or even block the account) to merchants with high fraud transaction rate
“Present in 25 countries, our annual turnover in flights is over 100 million euro...after the first 30 days of Fraudpointer’s use we reduced our CNP (Card-Not-Present) fraud by 93%...and now we have what it takes to get close to 100%...wish we knew about its existence earlier...”
Fraudpointer is a Software as a Service platform that enables businesses to prevent online fraud. The service combines a sophisticated but easy to use rules engine, a multi-million deep online reputation database and an advance device fingerprinting technology. Fraudpointer helps businesses to successfully prevent “card not present” transaction fraud, account take-overs, digital rights misuse and abusive behaviors. The platform is easy to integrate and fully customizable. If you run a business in the industries of banking, online travel, e-commerce, gaming and MMO, online gambling and casino, dating and social networks
Apply for your free account and start fighting fraud today!
For any supplementary information on the Fraudpointer solutions read the content of www.fraudpointer.com or contact our Sales Team on: firstname.lastname@example.org