$2 Trillion+

the value of the travel  & hospitality market, roughly half business and half leisure.

10.2%

of the global GDP is made up of travel and tourism and their indirect economic contributions

1.3 Billion

the number of international travel departures in 2015, up from 600 million 20 years earlier

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

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.

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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.

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