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41st Parameter, the leading provider of internet fraud intervention and detection services and technology, today announced Mercadotecnia Ideas y Tecnología (MITec), Mexico's premiere airline and travel industry payment processor, has expanded its business to offer dedicated fraud prevention screening services to its clients.Through the deployment of 41st Parameter's comprehensive fraud detection and transaction monitoring application, FraudNet, MITec has built a Payment Solutions Division which includes a complete Fraud Prevention Management offering. As a leading transactional gateway in Mexico, MITec sought to enhance its current specialised transactional services, particularly within airline and travel industry clientele. With the rapid increase of consumers seeking to purchase airline reservations and associated travel services online, MITec recognised fraud detection and prevention would be an important growth area. No other provider in the country offers a comprehensive solution to battle the ongoing problems associated with fraudulent reservation purchasing activities
Prior to FraudNet, MITec relied exclusively on Address Verification to analyse several hundred thousand card not present transactions per year for potentially fraudulent reservations. Since implementing FraudNet, MITec has established a new fully functioning fraud prevention management group requiring a staff of only seven full-time fraud investigators. By substantially reducing the number of reservations requiring scrutiny, FraudNet enables the team to cut existing customer's fraud while expanding capacity to accommodate their growing customer base.
"Our team of investigators was pleased as they worked with clients affected by serious fraud problems, and noticed that within the very first days of utilising FraudNet, we were able to identify a great amount of high risk orders which are now rapidly decreasing," said Gabriel Gomez, director of fraud prevention for MITec. "For us, this confirms that fraudsters migrate from sites that they perceive as protected, to others in which their fraud attempts prosper. As soon as FraudNet began detecting fraudulent orders and they were not processed, we found a drastic reduction in fraudulent activity as the fraudsters seemingly moved away from our customer sites
MITec's airline and travel industry clients have reported notable results including a 46 per cent reduction in chargebacks within the first six months of implementation at one airline. Another airline client confirmed attempted fraudulent activities dropped by 60 per cent in its first month utilising MITec's FraudNet powered service. Both airlines have lowered their fraudulent transaction attempts and review rates to well below industry standards. With FraudNet, MITec additionally pinpointed a major fraud ring comprised of organised criminals most wanted in Mexico for online fraud
"With the global consumer's rapid migration to the online channel for purchasing airline reservations and other travel related services, 41st Parameter technology enables organisations like MITec to provide their clients with the highest level of confidence in the legitimacy of reservations they are accepting online," said Ori Eisen, founder and chief innovation officer at 41st Parameter. "We are extremely pleased MITec has benefitted so greatly utilising our technology; expanding their business while reducing fraud for their airline and travel industry clients.
For more information, visit www.the41st.com.