Increasing product offerings
Travel companies are under pressure to grow and expand. Just look at Expedia’s 2015 acquisition of Homeaway, which many say is now helping Expedia close in on Airbnb in the home-sharing market. You may start out offering a single product,
But then you expand into vacation rentals, insurance, activities, airport transportation, etc. Each product will also have a unique risk profile, which needs to be accounted for in any fraud prevention models.
Collecting information while keeping it simple
For many travel products – like airline tickets – you need to collect a lot of information. However, thanks to Amazon and other digital pioneers, customers are growing more accustomed to a streamlined buying experience. If they
face too much friction, they’ll turn to one of your competitors instead. How do you keep the experience simple and intuitive, without increasing risk?
Monitoring mobile bookings
Some 40% of digital travel sales are expected to be completed on mobile in 2017, according to stats from eMarketer. And Google research found that 31% of leisure travelers and 53% of business travelers have booked travel on a smartphone.
Companies have to be prepared for both legitimate and fraudulent mobile bookings headed their way. When it comes to fighting fraud, mobile data is fairly unique – you can get extra data points like mobile carrier, device type, and the
pressure someone uses to tap that help pinpoint fraud.