Riskified and IATA Announce New Strategic Partnership
Riskified to integrate to IATA's Financial Gateway to help airlines boost revenues, reduce cost and prevent fraud
NEW YORK, May 6, 2021 /PRNewswire/ -- Riskified, the leading fraud prevention solution provider 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-in-class fraud solution consistently throughout all of their distribution channels from e-commerce to agency sales including NDC. Airlines can maximize their online revenue with Riskified, as Riskified enables airlines to approve ticket orders they may otherwise have declined for fear of fraud, all while not requiring any additional investment in development resources.
Airlines face an uphill battle against fraudsters. Tickets are a high-value digital good, which makes them attractive to fraudsters. Order decisions must be made nearly instantly and with limited information. If airlines make the wrong decision, they risk substantial revenue loss to fraudulent chargebacks and their associated fees. Conversely, a fear of fraud can lead to overly conservative order review, resulting in legitimate travelers being declined and leaving revenue on the table.
Riskified's platform allows airlines to approve legitimate customers and avoid the costs of fraud. By analyzing ticket transactions and comparing them to billions of prior online transactions, the Riskified Chargeback Guarantee provides airlines with a decision to "approve" or "decline" each order. Airlines receive payment from Riskified for all approved orders even if they later turn out to be fraudulent. With Riskified's AI-based platform and merchant network underlying its decisions, airlines using Riskified, see dramatically increased ticket approvals. Riskified's automated decisions are instantaneous and scale to match airlines' rapid changes in volume.
"The IATA Financial Gateway provides a consolidated and cost-efficient solution for airlines and travel suppliers to optimize their different sales payment processes through a single global connection. We are excited that Riskified is bringing added value for IFG users by helping to identify and reduce fraudulent activity and protect airline revenues, particularly during these difficult times," said Muhammad Albakri, IATA's Senior VP, Customer, Financial and Digital Services.
"The combination of IATA's Financial Gateway and Riskified's eCommerce enablement platform is a powerful step forward for airlines as they seek 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 declining fewer consumers out of a fear of fraud no matter where the customer is in the world."
About Riskified
Riskified empowers businesses to realize the full potential of eCommerce by making it safe, accessible, and frictionless. We have built a next-generation platform that allows online merchants to create trusted relationships with their consumers. Leveraging machine learning that benefits from a global merchant network, our platform identifies the individual behind each online interaction, helping merchants—our customers—eliminate risk and uncertainty from their business. We drive higher sales and reduce fraud and other operating costs for our merchants and provide superior consumer experiences. See www.riskified.com
About IATA
The International Air Transport Association (IATA) is the trade association for 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.
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