Scams in the travel sector are increasing dramatically. So much so that a study conducted observed that by 2021, total scam losses to travel agents will rise by nineteen percent to twenty-five billion.
The study suggests that online travel industry scams are projected to lose $ 11 million, a twenty-four percent increase over 2019, with & 3.2 billion in direct losses and approximately $ 8 billion in indirect losses. This is a big figure, especially in the travel scams where the margins of the travel industry scams are fairly thin, ensuring that there is a lot of sales to cover the loss to scams. “
In short, online travel agencies are at risk of professional and opportunistic scams and need to actively guard against both.
What types of scams in the Travel Agency
A common scenario is a user who has developed a fake platform and uses stolen or forged credit card information efficiently to steal confidential passenger information. Others collect legitimate information on fake websites to use fresh information to deceive legitimate online travel agencies. In other situations imposters simply collect stolen data from the dark platform and attempt to purchase passenger data.
Possession of Accounts
The biggest type of scam happening in the travel industry is taking over a passenger account. This is called account taking. The growing travel sector, like all e-commerce industries, is trying to get consumers to store transaction data against their accounts in order to make the transaction much faster. The uncertainty of a fraudster accessing this account is evident with financial loss and reputation.
When imposters are able to acquire entire passenger data, they usually try to impersonate those passengers for online purchase scams. If only a small amount of data is available, they develop synthetic accounts by aggregating information from various cardholders.
Order with Fake and Theft Credit Card Details
As a recent study suggests stolen credit card details can be sold for as low as $ 14, it’s no shock that imposters use them all the time. Tickets purchased are then resold on dark web platforms, or also open to non-users.
Cancellation of Tickets to acquire Flight Credits
Airports significantly support credit to charm new passengers. Imposters cheat the system with fake credit cards and remove them. This can be resold or valid tickets purchased for later resale.
Fraudulent Travel Agencies
Installers create fake travel agencies, and then either buy tickets or grab the travel with fake credit card information. Travelers pay the entire amount for these fake tickets only to discover that their airway is fake or has been declared fraudulent. When they tried to ask for a refund of the amount, the fake agency would no longer be there.
When you travel, you are in a realm of identity theft. For example, imposters could choose your pocket and use your personal data to open new credit card accounts or empty your bank accounts. Digital login offers users the power to eliminate physical ordering and transaction troubles over the account. While apps for various reasons are a powerful user engagement mechanism, it enables imposters to use fake identities and acquire the personal information of other legitimate travelers.
Risk Mitigation and Combating Travel Fraud
An increasing number of travel industries are using facial recognition solutions to verify the identity of their passengers. Because travel industries are usually used for massive travel fraud like identity scams, money laundering, and taking over accounts. The documents are losing capacity which suggests the travel industries to adopt technological advances for passenger screening. Passenger safety and their travel experience are equally important and facial recognition meets both of these requirements. It boosts the passenger experience, limiting the time spent for safety procedures.
Given these significant benefits of surface recognition technology, it is estimated that 95% of airports will adopt this technology by 2023. But this is not the end of the story, as the travel industry lacks this technology during a flow the passengers at the airport.
With the rise of technology, not only is the corporate sector enjoying tremendous benefits, but malicious activities have increased significantly as well. The travel sector has automated the processes but ineffective checking measures do not help keep passengers safe. Robust security is a pressing need, and facial recognition is one of the precautionary measures that the travel sector can use. It checks for malicious attacks, identity theft, and fake identities in real time. In the end, there is no chance for imposters to leave a country after pursuing their evil plans or deceiving travel industries for any gain.