Ypsilon.net has launched a “FraudClear” revenue fraud prevention system that combats revenue fraud and the increasing threat of loyalty fraud in the airline industry.
According to Ypsilon.net, loyalty fraud encompasses a wide range of activities such as account takeovers, ghost accounts, mileage brokerage, suspicious mile transfers and fraudulent “retroclaims”. The company says the impact of such fraudulent transactions is not only financial but also damaging to the airline industry’s reputation and regulatory compliance.
Ypsilon.net’s “FraudClear” is a sophisticated system that seamlessly integrates with major airlines’ loyalty programmes and has been designed to identify revenue and loyalty fraud patterns and transactional anomalies with unmatched precision.
The system’s machine learning algorithms detect even the subtlest loyalty fraud patterns by monitoring and assessing account activities and identifying any suspicious behaviour in real-time.
If fraudulent transactions are detected, FraudClear enables configurable actions triggered directly within the airline’s reservation system such as suspending, voiding, refunding or cancelling the transaction.
Patrick Coulomb, VP sales and Marketing at Ypsilon.net. commented: “We understand the gravity of loyalty fraud’s impact on the airline industry. The FraudClear revenue and Loyalty Fraud Prevention System is the result of extensive research, development, and collaboration with major airlines to create a system that can effectively combat this pervasive problem. It is a testament to our commitment to the security and integrity of the airline industry.”