Travel industry is one of the world’s largest business areas. It made a total contribution of $ 7.61 trillion to the global economy in 2016 alone. The number of international tourist arrivals has been increasing steadily for years with an estimated 1.8 billion arrivals expected by 2030. It is also one of the sectors most severely affected by fraud. In 2014, 46% of fraudulent transactions were carried out within the travel sector.
Among common types of fraud in travel are:
- payment fraud, where fraudsters use stolen credit cards to buy travel products (e.g. tickets),
- friendly fraud, where clients demand chargebacks for products that they actually bought.
Fraud detection and prevention in the travel industry, due to its specificity, poses a great challenge for every company within this category, specially for OTAs (Online Travel Agencies) and airlines.
Nowadays, fighting fraud while simultaneously avoiding false positives has become harder than ever before. Conducting a profound, real-time analysis of all transactions is a must. As it allows to spot the intricacies in the behaviour of crooks and legitimate customers. Something hard to achieve with the use of common statistics and insights.
Through the use of Nethone’s Profiler we have looked really deeply into fraudsters behaviour by analysing data concerning travel products. Now, we want to share some of, in our opinion, most interesting facts about common fraudsters’ behaviour characteristics that you probably didn’t know, though you should, as they can significantly improve the results of your anti-fraud strategy.
Do you want to know what behaviour pattern is 84 times more common in case of fraudsters than legitimate customers?
See our infographic to find out.