Role of e-IDV Solutions in Mitigating Travel Scams

December 7, 2023

Technological development has increased people's attention towards the travel industry, as digital advancement has made convenient and affordable traveling. The tourism industry brings massive additions to the GDP; therefore, this industrial sector's security is crucial. The GDP growth rate of the travel industry is 3.5%; apart from technology, our world is connected more due to the movement of people.
The negative side of this industry is that it has also attracted scammers' attention because of its vast revenue. Commiting online scams is convenient compared to in-person, as detecting digital scams is difficult. Fake identities do most crimes, and scammers mostly take the essence of children or homeless people.

What are Travel Scams?

Stealing tourists' personal data, payment details, and passport numbers is a travel fraud. E-IDV (Electronic Identity Verification) solutions are used to assuage these crimes.

Importance of e-IDV Solutions

e-IDV solutions are used to verify the identity of the clients; companies can understand their customers and business partners. It benefits getting into any partnership, and companies can understand their partners well. The strategies, products, and services of the other company can be known, which will help the company safeguard itself from travel fraud. These solutions are very swift; travel companies can verify their clients, record their data, and monitor them in real time.
The monitoring feature aids the organization in getting updated information about its clients. When the companies have recent data about their users, they can get better in touch with them. This way, the client retention rate increases, and satisfied clients also recommend the company to their friends and family. A significant rise in the profit of the organizations is seen that are implementing these solutions properly.

Why is e-IDV Crucial for the Travel Industry?

  • Travel scams are increasing daily, and the travel industry's revenue is greatly affected. These scams include currency exchange crimes, payment fraud, false bookings, and fake hotels.
    Counterfeit travel agencies scam most tourists, and these companies promise cheap rates and swift bookings. Clients think these organizations are genuine and book their trips through them. After payment, they learned that the company was fake and they had lost their money.
  • Money laundering through hotels is very common, as there is no proper verification for the clients entering and leaving the resort.
  • Travel companies face scams by fake identities; they decode the algorithms of the user account and then use them for illicit purposes. Therefore, verification of the clients is necessary so that companies only onboard verified clients and partners. When the user's identity is known, the chances of scamming also lessen.
  • Daily operation of the hotels and travel agencies can be simplified as they do not have to perform extended authentication and registration. The entire task can be done with a single click; the tourist must face the camera, and verification is done.

Types of Digital Travel Fraud

The following are the most prevailing traveling crimes:

Fake Websites

These fake websites contain captivating deals; travelers think they are accurate and pay them charges, but after payment, the website denies the agreed services.

Hidden Fees

The travel companies do not reveal their hidden fees, and the minimal charges judge the visitors. After the deal, they know the actual costs exceed the stated price.

False Pictures

False pictures are also travel frauds, as the company shows them fake images; these pictures have no connection with authentic hotels.

Credit Card Scams

Some travelers become victims of credit card fraud; when they perform online transactions, their credit card details are stolen and later used for illicit purposes.

Fake Airline Scams

Some visitors get scammed by fake airlines, and they book their flights, and in actuality, that air service does not even exist.

Travel Document Scams

The scammers steal the client's data from their legal papers and use it illicitly. Other than this, some hackers make fake commitments that they are visa agencies and provide help in these services. They charge fees from the tourists, and in actuality, they are just running a fictitious website.

Conclusion

The travel industry generates huge revenue and contributes to the country's GDP; any scam in this business leaves its mark on its economy. Regulatory authorities have made it compulsory for travel companies to comply with the eidv solutions to mitigate travel fraud.
These solutions have also enhanced the companies' profit by utilizing the e-IDV services in their daily operations. The activities of the businesses are also simplified through it, as the latest artificial intelligence tools perform the entire task, and no manuals are required for it. Travel frauds are controlled to some extent because only verified tourists will affiliate with the company.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Mission

Traffic Dave is on a mission to help traffic engineers, transportation planners, and other transportation professionals improve our world.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram