The travel industry is not only one of the fastest growing and evolving lines of business, it also has a notably expanding customer base.
This is evident by the surfacing of more and more online-based travel agencies which has further speeded up the shift to mobile technologies and penetration into newer markets across the globe.
And just like any new idea that involves a massive shift, this transition to online booking has attracted the attention of fraudsters who are now looking to grab a bigger share of what the travel industry is making.
The fact that every entrepreneur running a travel merchant account is focusing more on, widening the customer base, improving consumer experience and broadening product offerings is a brilliant idea. Only that each of the above growth efforts significantly increases the possibility of fraud.
Here are some factors surrounding the travel industry that makes it vulnerable.
Fraud due to Mobile Bookings
A study by Google disclosed that 31% of vacation travel and 53% of business travel bookings are completed using smartphones. And this is a warning sign companies should prepare for both genuine and counterfeit mobile bookings.
In a perfect setting, companies should have a “device agnostic” booking …