$2 Trillion+
10.2%
1.3 Billion
Travel & Hospitality
Online Travel Fraud Prevention
High-Value Tickets, Low-Margin Sector
Global, Fast Moving Fraud
The Challenge
The travel industry has led the way into the digital world, with 98% of tickets purchased online. However high ticket prices, fewer data points and faster checkouts make identity and order authentication challenging. Fraud rates in the online travel industry (OTA) can jump into the 1-3% of sales range, and a sudden onset can shock both the finances and operations of even a diligent travel company.
The Solution
To reduce the risk, some common approaches include 1) replacing static rules with dynamic business rules and ‘intelligence augmentation’, 2) include live internal threat monitoring of call centers, financial flows and employee/agent performance, and 3) implement comprehensive anomaly detection and ‘early warning’ alerting systems.
Recommended Products & Solutions
A user-friendly case management portal that allows you to set your own rules and review transactions efficiently and accurately.
Machine learning models are expertly engineered with the nuances of your business and industry already built in.
Visualize your real-time data to extract actionable insights, isolate risk and improve your business processes.
Shield serves as your early warning system by detecting malicious bots, fraudsters and other bad actors as they arrive on your site.
Monitor third-party data sources to benchmark your company’s performance including risk intelligence on payment methods, dark web data, IPS vulnerabilities and marketing channels.
Confirm users credentials through login scoring, multi-factor authentication or out-of-band applications.
Falling Behind in Friction-Free Ticketing & Reservations
The travel and tourism sector is falling behind in its adoption of AI to enhance customer experience and to optimize ticketing and reservation processes. Those that do embrace augmented intelligence to make better, faster decisions will pull ahead of competitors in what is likely to be a permanent lead. Those few will enjoy the many billions of dollars in additional cash flow that AI will bestow upon the early adopters.
Combine predictive measures and pre-emptive actions to protect billions of dollars in digital tickets and reservations. Enable the launch of new products and expansion into new geographies and markets, previously considered too risky, to drive growth. Improve manual review rates and time-to-fulfillment with more accurate, detailed customer information.
Make Better Decisions
Professional fraud rings have long been attacking merchants, shipping high-value goods to vacant homes, changing neighborhoods and IPs to circumvent existing detection efforts.
Professionals and opportunists can both be quickly exposed using machine learning, collective intelligence and ‘linked-entity’ analyses, all available in Fraud.net’s real-time enterprise detection and analytics platform.
