Travel and Leisure industry
Thanks to Internet the industry of Travel and Leisure has completely changed. Travel agencies, where we used to book flights, train tickets, hotel and holiday packages, are a distant memory of the past century.
Meantime many OLTAs, Online Travel Agencies, arose to fulfil the endless request of customers to have cheaper solutions and discounts. The most famous are Lastminute.com and Expedia: the latter became so huge to be listed in the stock exchange.
In this industry Hotel chains, such as Hilton and Four Season, had to create their own online booking systems to enter the new online market, with a completely different market approach.
Every single person is then able to book and cancel the reservation all over the world, directly on web. Customers look for competitive prices and speed in the purchasing process, not leaving enough time to the company to check the order and authorize the transaction.
This digital revolution is responsible of a modification in fraudsters’ behaviours, which have founded new ways to operate frauds, such as Card Not Present or Fake Reservations: in the first case cruises, hotels and holiday packages are booked with stolen or cloned credit cards, conditioning profitability of operators, in the second case the reservation is completed with the purpose of damaging the company with an empty booked room. In other cases fraudsters complete the reservation process, in order to obtain the reservation number, and then cancel the reservation. They'll resell the reservation to third-party through Ebay, Craiglist or other sites, revealing the reservation number in order to increase the reliability of the transaction and creating a SCAM scheme.
This industry is in the 3rd position for data breaches, accounting for 12% the breached or hacked records globally, and deceptive hotel booking in 2015 caused a cost of $1,3 billion.
Prevent online frauds is now part of the business of a Travel and Leisure operator, and Unfraud, with its proprietary fraud prevention system is a valid fellow for your profitability. This system monitors the entire booking process and automatizes the transaction review, providing an instant feedback about the single transaction. It uses Artificial Intelligence recognizing automatically behavioural patterns of fraudsters.
In addiction it will continue learning, adapting to new frauds as long as they appear. Everything will be upgraded automatically, directly on cloud and without maintenance.