Monarch Air Group: How to Prevent Credit Card Fraud in Private Aviation

Today, securing customer security is paramount. It should not be considered as an added value or a marketing tool, just a standard commitment made by any serious company providing a service. In the business aviation sector, where people charter a jet for its privacy and overall confidentiality, prevention of credit card fraud should be taken seriously.  

To prevent fraudulent transactions, brokers and other parties should get to know their clients well, requesting as much information as possible, including bank information, at the beginning of the process. 

“Urgency is sometimes a revealing sign,” said David Gitman, President of Fort Lauderdale-based Monarch Air Group, “It should raise suspicion If someone wants funds wired immediately or has a last-minute change in wire instructions (especially for small amounts of money). All companies in this business should consider having a solid refund policy”.

Private jet charter companies must ensure that their clients are aware of the existence of this type of fraud through newsletters or direct communications, encouraging them to contract services with established and credible firms. Also, the importance of training staff on screening fraud and asking the customers the right questions to determine the likelihood of fraud being committed is also paramount for companies’ safety.

Finally, it is recommended conducting a callback when receiving wire instructions, especially if an email includes last-minute changes. The inconvenience of making an extra phone call might save thousands of dollars by preventing a fraudulent money transfer.

How to avoid online fraud

Importance of securing customer information 

A study by Experian stated that 43% of consumers who had their identity stolen say it happened while shopping online during the holidays. And with Thanksgiving and Christmas just around the corner, securing customer information should be the main priority by businesses in the upcoming months. Companies like Monarch Air Group are urging other brokerages to take extreme precautions this winter season.

Gitman, said emphatically, “Don’t hire a company without first investigating it and making sure it is legitimate. Verify bank details before making transfers and, above all, listen to your instincts and check with an independent source such as the NBAA.”

During the past months, aviation authorities have issued alerts to both their members and users so that they can take extra control measures when selecting and hiring a private flight online, because there have been numerous cases of websites that copy all the content of real companies to sell fake “services”.

The role of a private jet company is much more than providing a safe and comfortable flight, it’s building a trust-based relationship with its clients, maintaining security as it relates to client information and processing payment, providing assurance to clients and peace of mind to operators, while also contributing to the overall reputation of the business aviation market worldwide.

Customer security, fraud prevention and protection against transactional risks is a commitment that every company should make to their customers. Nevertheless, firms should also do their homework and have trained staff in place to assess risk in timely manner. From a private jet provider perspective, taking this seriously is the first step towards building trust with your customers, the starting point of a long-lasting relationship. 

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