Jet Airways India implements fraud managment system

Jet Airways India Ltd has announced that the Company is the first airline in India to implement an automated online risk (fraud) management solution. CyberSource Ltd, a leading provider of electronic payment and risk management solutions, is providing its Decision Manager solution to the Company to help streamline online risk management processes and reduce fraud.

In this regard the Company has issued the following Press Release:

Jet Airways India Ltd to implement an automated online risk (fraud) management solution. CyberSource Ltd., a wholly owned subsidiary of CyberSource Corporation, a leading provider of electronic payment and risk management solutions, is providing its Decision Manager solution to Jet Airways to help streamline online risk management processes and reduce fraud.

Historically, Jet Airways has relied on internal solution and review processes when managing its online payments. In keeping with its philosophy of innovative solutions, Jet Airways was quick to realize the need to update its procedure with an automated and flexible risk management solution that could be specifically tailored to the Indian market. Jet Airways selected CyberSource's Decision Manager based on the product's proven flexibility, reliability, scalability, as well as Cybersource's reputation in the payment industry.

Decision Manager automatically evaluates transactions in real-time, and based on combination of rules determined by Jet Airways, the airline is able to estimate whether the online ticket purchase should be accepted, rejected or reviewed. All this happens within a span of a few seconds. The rules can be updated at any time via an easy-to-use business interface. This flexibility enables Companies to continually adapt fraud screening strategies to meet the unique requirements in the marketplace.

Mr. Gaurang Shetty, vice president, marketing at Jet Airways, commented, "In keeping with our traditions of being first movers in Indian aviation and employing the world's leading- edge technology, we implemented Cybersource's solution, Decision Manager, which we believe will help us take proactive action on suspect online ticket purchases, thus reducing fraud. We are committed to customer data security with credit card security being a top most priority at Jet Airways." Mr. Shetty further added, "Our recently implemented enhanced online payment security, viz. Verified by Visa and MasterCard SecureCode along with Decision Manager, will now give our customers further confidence to transact using their credit cards on jetairways.com."

Jet Airways India

Jet Airways India Ltd has informed that in order to maintain and expand the Company's international & domestic operations using B737 NG aircraft, the Company has executed a Purchase Agreement with The Boeing Company, USA, for the acquisition of twenty (20) Boeing 737-800 series aircraft for deliveries between October 2012 and December 2014, subject to requisite regulatory approvals. Under the Purchase Agreement, the Company has also taken the option of acquiring an additional ten (10) Boeing 737-800 series aircraft with delivery positions between August 2013 and February 2015.

The last of the ten (10) B737NG aircraft, previously ordered by the Company is scheduled to be delivered on October 11, 2007 and there are no unused delivery positions for B737NGs available till October 2012.

Additionally, most of the new B737 aircraft covered by this Purchase Agreement will be replacements for older owned and leased aircraft that will be phased out by the Company in accordance to their term expiries during this period.