All posts with the tag Travel
In the rapidly growing eCommerce market, high-friction and time-consuming identity verification processes can have a significant impact on customer acquisition and retention rates. Airlines and online travel agencies (OTAs) face the precarious balancing act of protecting revenue from CNP fraud, while providing a smooth shopping experience. When competing travel sites offer interchangeable products, brand loyalty is vital, as customers tend to be even less forgiving if merchants fail to meet their expectations.
In this article I share five actionable tips for driving online revenue while providing a good shopping experience without incurring fraud-related losses.Read More
Airlines and online travel agencies (OTAs) invest considerable funds and go to great lengths in an effort to prevent online fraud. But while trying to avoid chargebacks, many travel merchants impose strict rules and filters that block not only fraud attempts, but also good customers. In the highly competitive online travel market, wrongly declining a good order and failing to provide a great online experience can mean losing not only the deal, but also all of the customer’s future business.
International backpackers are a key consumer segment that airlines and OTAs falsely decline on a regular basis. In this article, I explain why online purchases by global travelers between the ages of 18-25 tend to set off red flags in fraud detection systems, and share stats showing how safe these customers actually are.Read More
By 2020 the global online travel market is expected to be worth a whopping $817 billion. Mobile sales, or mCommerce, are becoming an increasingly important revenue stream within this market. In fact, mobile purchases will soon account for 70% of all digital travel sales in the US.
Unfortunately, as the online travel markets grows, so does card-not-present (CNP) fraud. Online travel businesses must accommodate the influx of mobile consumers, while ensuring they have adequate tools to scrutinize these orders for fraud. Riskified reviews hundreds of thousands of online travel orders. While analyzing our data on fraud in online travel, we uncovered interesting patterns related to travel mCommerce.Read More
There’s never been a better time to be an online travel merchant. It’s estimated that there were over 1.2 billion international tourist arrivals in 2015, and many of these travellers used digital channels to book their flights. In fact, digital travel sales topped $200 billion last year in the US alone. By 2020, the global online travel market is expected to be worth $817 billion.
Preventing card-not-present (CNP) fraud in the online travel vertical, however, presents unique challenges. Airlines and online travel agents (OTA) often respond to fraud attacks by implementing overly risk-averse measures that result in the rejection of good customers along with the bad. To help provide insights into consumer behavior and fraud patterns in online travel sales, Riskified analyzed its data and compiled the findings into a report on CNP fraud in the online travel vertical.
The report reveals whether fraudsters are more likely to target domestic or international flights, and shows how online purchases can be approved despite mismatches. We share some of the insights included in the report in the article below.Read More
With over 1.2 billion international tourist arrivals registered worldwide in 2015, the online travel industry is experiencing an explosion in demand. Online travel merchants can take advantage of the growing number of travelers who use digital channels to book their flights. Digital travel sales in the United States alone were valued at over $200 billion in 2015, and globally, it is projected that online travel revenues will reach $762 billion by 2019.
Riskified’s work with leading travel merchants, as well as Fortune 500 companies across verticals, has given us great insight into helping merchants overcome the CNP fraud challenges they face. We are currently in the process of compiling a report sharing data about fraud patterns in online travel, and best practices for travel merchants looking to safely increase approval rates. Following is a sneak peek at the report, which will be published in the coming weeks.Read More