“Machine Learning - the Solution to Getting Ahead of the Fraudsters Once and for All?” to be moderated by Virgin Australia fraud prevention expert
iovation, the provider of device intelligence for authentication and fraud prevention, today announced it will participate on the panel “Machine Learning - the Solution to Getting Ahead of the Fraudsters Once and for All?” at the 10th annual Airline & Travel Payments Summit. Tristan Prince of iovation will discuss how to balance preventing travel fraud while enhancing the customer experience in the discussion at Barceló Sants Hotel in Barcelona, Spain on April 26, 2016 at 11am CEST. Peter Gross, credit and fraud 2-IC at Virgin Australia and Asia-Pacific Airlines Fraud Prevention Group chairman, will moderate the discussion.
“Fraud never takes a vacation, and in the travel industry it’s rapidly increasing,” said Prince. “Despite the soaring fraud risks, it’s crucial that businesses balance both fraud prevention and reducing online customer friction. We’ve found the best way to accelerate commerce and keep fraud schemes from taking flight is to pair device-based authentication with machine learning.”
In the panel discussion, Prince will discuss the latest fraud trends, and share common scam techniques cybercriminals leverage to defraud travelers. He will also outline how machine learning can be leveraged for fraud prevention—enabling businesses to reduce review queues, increase fraud catch and accelerate revenue. Common scams discussed will include:
- Airline ticket credit fraud—where crooks use stolen credit cards to purchase airline tickets online only to cancel them and receive a flight credit
- Fake travel vouchers on social media—users are prompted to connect a legitimate-looking malicious application with their account, which harvests personal information
Airlines and travel businesses leverage iovation’s global intelligence about the behavior of more than three billion known devices to provide instant risk-based, real-time checks against devices attempting to access their website. This enables businesses to simultaneously reduce fraud risk while eliminating friction for consumers with known good devices. Businesses use iovation’s Customer Authentication solution to help trusted consumers bypass some passwords and immediately access low-risk but confidential sections of their online accounts—like account balances, payment records and activity histories. If necessary, the service triggers stronger “step-up” authentications, like one-time or SMS passwords, for higher-risk actions like user and account changes or money transfers.
Speaking alongside iovation on the panel will be Chargebacks911 COO Monica Eaton-Cardone and Perseuss CEO Maarten Alleman. For more details about the panel, go to https://www.iovation.com/news/events/airline-travel-payments-summit.
TransUnion Global Fraud & Identity Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.