Historically, the hospitality industry in India did not devote considerable resources to fraud prevention, but this is changing. The scope of fraud in the hospitality industry is becoming more popular, and the Indian hospitality sector must implement tactics and technologies to mitigate these risks. Some of the problems an online hotel booking suffers if it does not have a comprehensive and dynamic fraud plan in place to identify and prevent developing attack vectors are damage to their brand’s reputation, loss of its most loyal consumers, and a decline in their bottom-line profitability.
Read ahead to find out what is causing the increase in fraud in the hospitality industry and how Identity Verification can be used for credit card fraud detection
What is causing the increase in fraud in the Hotel Industry?
Numerous hotels and other service providers come under the hospitality sector have revised their booking and check-in procedures as a result of the easing of COVID-19 limitations and the lingering dread of contact that the epidemic left on many customers. Many resorts and hotels have adopted contactless check-in and check-out procedures using hotel applications and smart keypads.
The year 2022 saw an increase in global tourism of more than $8.6 trillion, which the media is referring to as “the summer of vengeance travel.” With those additional internet reservations came a new influx of scammers and financial frauds in the hotel industry. Account takeover fraud, loyalty fraud, card testing, and friendly fraud all rank highly among the newest fraud techniques.
According to recent statistics, the majority of travel merchants have made preventing fraud and chargebacks a top priority for this year. Many of them ..
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