Striking a balance between preventing travel fraud while enhancing the customer experience is a high-stakes, high-altitude game.
Why? Because airlines and travel businesses are spending billions each year to collect payments, and as travel bookings continue to shift to online and mobile channels, the frequency of fraud – and the cost of combating it – continues to rise.
Next week, at the Airline and Travel Payments Summit in Barcelona (April 26-27), we will be tackling the topic of rising fraud rates in the airline industry and the common scam techniques that are enabling fraudsters to take advantage of "in the moment" purchases to defraud travelers.
Some of these scams include:
- Airline ticket credit fraud, where crooks use stolen credit cards to purchase airline tickets online only to cancel them and receive a flight credit.
- Fake travel vouchers on social media, where social media links and applications are used to collect personal information from consumers.
To help attendees dig a little deeper, our very own Tristan Prince will be joining a panel at the event, entitled “Machine Learning - the Solution to Getting Ahead of the Fraudsters Once and for All?”
While fraud really never takes a vacation, even in the travel business, it’s crucial for companies to find ways to balance fraud prevention while reducing online customer friction – so they can maintain consumer engagement and protect their respective brands. Most often, the best way to accelerate commerce and keep fraud schemes on the ground is by pairing device-based authentication with machine learning.
For those of you planning to attend the Summit, please join us for the panel on Machine Learning. We’d love to see you there.