With a rapid increase in digital technologies and electronic services, scammers are more active in exploiting loopholes in every industry, particularly the digital ones. They use advanced techniques to have sophisticated scamming methods which are difficult to detect in manual processes. Therefore, there is a need for electronic artificial intelligence and machine learning algorithms to prove extraordinary identification and verification services.
Nowadays, the travel industry has become prone to cybercrimes. Terrorists and criminals use highly sophisticated techniques to excuse various travel frauds such as online payments terrorism, visa fraud, holiday rental breaches, identity theft, and many others. This blog will explore the ways to eradicate fraud associated with the travel industry.
What Type Of Scams Occur In The Travel Industry?
Internet facility has brought a revolution in the travel industry, people use online means to book their tours and hotels, and they use online payment methods to send and pay their charges. Meanwhile, travelers have to provide their specific personal information during online bookings. All this has alerted criminals, they use different methods to breach data and transactions. Criminals use various techniques to perform their actions making travel industries victims of huge reputational loss and exploiting their credibility. Criminal reach people with fake calls and offer, and they convince them to buy certain packages, traveling industry lack strict rules which encourage criminals to exploit the travel industry with the use of various complex techniques.
How To Eliminate Scams In the Travel Industry?
There is a need for strict rules to overcome the crimes that make the travel industry insecure. Electronic identity verifications are the only solution to mitigate the risk of financial losses during online booking and foreign tours. EIDV solutions provide strong identity verification that successfully comprises the user’s information and protects the traveling industries from various crimes such as identity theft, fake packages, and transactional breaches.
Imposters use fake IDs and forged documents, which enables them to use fake identities and reach onboards, Companies that do not employ robust mechanisms for identity verification fall victim to fraud attacks. It not only affects the travel industry but overall businesses as people have to use travel means in different business processes. There is a need for proper jurisdictions to overcome the issue of travel scams. Imposters utilize fake insurance plans and unauthentic advertisement calls to attract people toward various fake tourism packages.
Role Of EIDV In Fraud Prevention For Travel Industry
EIDV comprises the most advanced and sophisticated technology that involves various biometric and other digital methods to verify a person’s identity. Identity verification allows acknowledging the risk profile of the particular individual and enables the travel industry to overcome the associated future risks.
It involves real-time face recognition by matching captured images with the features in a photo used in ID documents such as identity cards and passports. Moreover, it enables industries to figure out the real individuals to be onboard. It protects the travel industry from data breaches that help to improve their credibility. EIDV not only helps traveling firms mitigate fake identities but also ensures regulatory compliance to provide safe onboarding for accounts, registrations, booking, and payment transfers.
Why Do Companies Prefer To Use EIDV Solutions To Mitigate Fraud?
From the year 2017-2027, the revenue of the identity verification market is forecast to grow by more than 13 billion U. S. dollars from 4.93 billion. Identity verification solutions are very important to have only legitimate persons onboard. Companies are using digital EIDV solutions to mitigate travel fraud. These solutions are high in demand due to the following reasons.
- It provides an automated digital solution
- It mitigates the risk of fraud, identity theft, and financial terrorism.
- It is quick and efficient in results.
- It enhances the customer’s experience by providing authentic verification methods.
- It is both time and cost-effective as it reduces human efforts and works with the help of AI and ML mechanisms.
- It allows companies to access electronic databases to perform various cross-matches in person identification.
- It makes travel companies secure in online booking and registration processes.
- It enables industries to cope with this digital era of advanced technologies and have business success.
- It has a strong ability to detect fake and forged documents provided by unauthentic clients.
EIDV solution is highly convenient, it takes a few seconds to ensure an individual’s identity. It offers every kind of verification with the help of advanced digital means such as biometric verification, two-factor authentication, and identity validation. Criminal exploit travel agencies by using stolen IDs, EIDV employ AI and ML algorithm to perform various cross-matchs and identify the real identity. Travel fraud can be rooted out with the help of electronic identity verification solutions.