Riskified and IATA announce new strategic partnership
NEW YORK, May 6, 2021 / PRNewswire / – Risk, the leading provider of fraud prevention solutions today announced a strategic partnership with the International Air Transport Association (IATA). With this partnership, IATA will integrate and offer Riskified’s chargeback guarantee to IATA member airlines that use the IATA Financial Gateway (IFG). Member airlines will be able to quickly and easily activate Riskified’s best anti-fraud solution consistently across all of their distribution channels, from e-commerce to agency sales, including NDC. Airlines can maximize their revenue online with Riskified, as Riskified allows airlines to approve ticket orders that they would otherwise have declined for fear of fraud, while requiring no additional investment in development resources.
Airlines face an uphill battle with fraudsters. Banknotes are a valuable digital asset, which makes them attractive to fraudsters. Ordering decisions must be made almost instantly and with limited information. If airlines make the wrong decision, they risk substantial revenue losses due to fraudulent chargebacks and associated fees. Conversely, fear of fraud can lead to overly conservative order review, resulting in rejection of legitimate travelers and loss of revenue.
Riskified’s platform enables airlines to approve legitimate customers and avoid fraud costs. By analyzing ticket transactions and comparing them to billions of previous online transactions, the risky chargeback guarantee allows airlines to decide to “approve” or “reject” every order. Airlines receive payment from Riskified for all approved orders, even if they later turn out to be fraudulent. With Riskified’s AI-powered platform and the network of merchants that underpin its decisions, airlines using Riskified are seeing a dramatic increase in ticket approvals. Riskified’s automated decisions are instantaneous and adapt to rapid changes in airline volume.
“The IATA Financial Gateway provides a consolidated and cost-effective solution for airlines and travel suppliers to optimize their various sales payment processes through a single global connection. We are delighted that Riskified brings added value to IFG users by helping to identify and reduce fraud. activity and protect airline revenues, especially in these difficult times, ”said Muhammad Albakri, IATA Senior Vice President, Customer, Financial and Digital Services.
“The combination of IATA’s financial gateway and Riskified’s e-commerce activation platform is a powerful step forward for airlines looking to increase sales and reduce fraud,” said Peter Elmgren, Chief Revenue Officer at Riskified. “With the chargeback guarantee, airlines can greatly improve their online customer experience by reducing the number of consumers for fear of fraud, no matter where the customer is in the world.”
Riskified enables businesses to realize the full potential of e-commerce by making it secure, accessible and frictionless. We have built a next-generation platform that enables online merchants to build trusting relationships with their consumers. Leveraging machine learning that benefits from a global network of merchants, our platform identifies the individual behind every online interaction, helping merchants – our customers – remove risk and uncertainty from their business. We increase sales, reduce fraud and other operating costs for our merchants, and deliver a superior customer experience. See www.riskified.com
The International Air Transport Association (IATA) is the trade association of the world’s airlines, representing some 290 airlines or 82% of total air traffic. IATA supports many areas of aviation activity and helps formulate industry policy on critical aviation issues. Visit www.iata.org for more information.
SOURCE Riskified, Inc.