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Latest Fraud detection technology built for the travel industry

OTAs frequently have assorted types of travel products that can be sold across different channels, making fraud harder to identify except if automated measures are introduced. Such tools can undoubtedly filter through value-based and client information. However, OTAs likewise see an ascent in fraudulent chargebacks, which are assessed to build 20% each year, whittling down agent's benefits.

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Latest Fraud detection technology built for the travel industry

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  1. Latest Fraud detection technology built for the travel industry OTAs frequently have assorted types of travel products that can be sold across different channels, making fraud harder to identify except if automated measures are introduced. Such tools can undoubtedly filter through value-based and client information. However, OTAs likewise see an ascent in fraudulent chargebacks, which are assessed to build 20% each year, whittling down agent's benefits. From 2017 to 2018, the rate of online fraud increased by 13%, but the travel industry heeded a 37% rise. Due to the huge volume of transactions with travel companies and online travel agencies (OTAs), those needing to perform travel fraud can pretty effortlessly sneak into the mix of valid buyers. Application programming interfaces (APIs) can take care of the vital data into the new AI-based frameworks once the integration is achieved, empowering the product to examine clients' practices and decide fraudulent requests. Acquiring data insights and using the appropriate tools is critical to accommodating the emerging payment trends that impact OTAs, such as mobile payments and virtual cards. Some companies use the latter to equip the business travelers with 16-digit credit card numbers for one-time purchases, including hotel stays, rental cars and other travel-related services. Virtual cards act as fraud detecting tools on their own, preventing credit card and personal information from entering OTAs’ databases. The worldwide travel industry has had its pros and cons. However, Travel API integrated fraud-detection technology can defend everything from onboarding to transaction. As a result, OTAs hoping to stay conspicuous in the space should keep steady over visitors' payment choices and guarantee the anti-fraud solutions they foster travel well — both today and in the future. One such fraud detection technology is Clarity RMS that recognizes and evaluates the risks that your travel business is exposed to during a card-not-present transaction. It tracks and conducts due diligence on all transactions. The system stores data related to all incoming payments routed via the payment portal. While dealing with third-party vendors, the risks and vulnerabilities are analyzed, and specific profiles are flagged down. You can stay assured by integrating ClarityRMS to your travel business.

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