With the official start of summer just days away, many of you may be getting ready for your annual getaway.
Here at iovation, we’re gearing up for a busy summer for our travel clients. That’s because the increase in travel brings an onslaught of online travel transactions and fraud. To help our clients figure out where they should be putting their resources to handle this influx, we combed through the hundreds of millions of online travel and billions of total transactions we screen for fraudulent indicators every year.
And what we found was very interesting—online travel companies witness a dramatic increase in online and mobile transactions – and fraud and mobile fraud – during the summer months. We also found a clear trend when it comes to what types of devices consumers use to make their travel plans.
Hear are the highlights of our findings:
The amount of online travel transactions during an average summer month in 2015 was eight percent higher than a typical month the rest of the year, 39 percent higher in 2014 and three percent higher in 2013.
Travel transactions conducted from a mobile device during an average summer month in 2015 were 14 percent higher than a typical month the rest of the year, 40 percent higher in 2014 and 36 percent higher in 2013.
Transactions by Country
In 2015, the most online travel transactions were made from the United States during the summer months (53%) followed by the United Kingdom (7%), Canada (5%), Australia (4%) and Mexico (3%).
Denied Transactions by Country
Despite African countries typically having the highest percentage of fraudulent transactions, Europe actually leads the way in online travel. In particular, seven percent of all online travel transactions originating from Tunisia in the summer of 2015 were fraudulent, Morocco had three percent, Spain had two percent, and Italy and France rounded out the top five. As you can see, the countries where online travel fraud originated during the summer of 2015 changed when compared to the rest of the year with the exception of Tunisia.
At iovation, we work every day to uncover transaction trends in order to make your fraud and business teams smarter. As the summer heats up, we hope this intelligence helps you burn fraudsters and make life easier for your most valuable customers.