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Avoiding fraud in the travel industry

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So what are some of the big frauds and how can you use technology to protect your travel agents, your travel agency, and ultimately your clients from these kinds of frauds?

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Avoiding fraud in the travel industry

  1. 1. AVOIDING FRAUD IN THE TRAVEL INDUSTRY
  2. 2. BLOG.TTS.COM What are some of the big frauds and how can you use technology to protect your travel agents, your travel agency, and ultimately your clients from them?
  3. 3. IMAGINARY HOTELS - FRAUD BLOG.TTS.COM • The fraudster will create an imaginary hotel either using a simple online website builder or perhaps a slightly more elaborate one. • But no matter how the fake hotel is created or operated, the fact is it is still not real. The fraudsters will then use stolen credit card numbers and book through online travel agencies.
  4. 4. IMAGINARY HOTELS - FRAUD BLOG.TTS.COM • They receive chargebacks but by the time a travel agency realizes this imaginary hotel has already closed for business, they have left with the money leaving the travel agent high and dry. • Easy fraud to exploit as OTAs oftentimes handle these kinds of payments automatically meaning that if a fraudster had a sufficient number of stolen credit and debit cards, they could potentially hit a travel agency for many thousands of dollars in false booking fees.
  5. 5. IMAGINARY HOTELS - SOLUTION BLOG.TTS.COM • Travel agencies need to double-check their suppliers before making payments. • Doing things like checking for a business license, checking online Google Business reviews, or even doing a simple Google Street View of the supposed hotel location to make sure there is a hotel there and that the hotel matches up with the information given can go a long way towards protecting assets.
  6. 6. BLOG.TTS.COM HOTEL PRICE SPIKE - FRAUD • The hotel will raise all of its room pricing, then the fraudster will book hotel rooms using stolen credit cards through an OTA making the travel agency now responsible for paying the chargebacks of the higher pricing. • If a travel agency demand client information to find out how the hotel managed to book imaginary people, the hotel conveniently happens to have all the false documentation it needs and it can avoid being labeled as fraudulent although they are in cahoots with the thieves.
  7. 7. BLOG.TTS.COM HOTEL PRICE SPIKE - SOLUTION • This again is another place where it’s very important to check your suppliers and also note the patterns between price increases and fraudster activity which is a dead giveaway for this kind of scam.
  8. 8. eNett and TTS Consolidator BLOG.TTS.COM • Fortunately, there are things that you can do to protect your travel agency from fraud: by using advanced technologies like eNett or TTS Consolidator. These solutions dovetail and work together seamlessly.
  9. 9. eNett and TTS Consolidator BLOG.TTS.COM • eNett is an online payment method designed to help facilitate payments within the travel industry by using virtual account numbers to turn cash payments into a virtual digital account number via MasterCard which can then be used and accepted as payment anywhere MasterCard is.
  10. 10. eNett and TTS Consolidator BLOG.TTS.COM • This means that true credit card numbers are never being used and only randomly-generated artificial accounts are. This helps cut back on credit card fraud and using the virtual account numbers backed by MasterCard helps ensure a greater level of protection for clients and the travel industry.
  11. 11. eNett and TTS Consolidator BLOG.TTS.COM • eNett then fits seamlessly with TTS Consolidator to help facilitate online booking in a way that helps protect travel agents and the travel agency from fraud while simultaneously ensuring greater efficiency and safer transactions.
  12. 12. BLOG.TTS.COM The battle between fraudster and cybersecurity is an eternal struggle but with the advancement of travel tech and advanced fraud protection technologies like eNett and TTS Consolidator, travel agents and their clients can have peace knowing that their financial information is secure.
  13. 13. THE LATEST TRENDS AND NEWS ABOUT THE TRAVEL INDUSTRY IN YOUR INBOX SUBSCRIBE NOW READ THE FULL ARTICLE AT BLOG.TTS.COM
  14. 14. tts.com youtube.tts.com linkedin.tts.com facebook.tts.com blog.tts.com BLOG.TTS.COM

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