Online fraudsters don’t stop attacking travel companies. Hackers try to complete fraudulent purchases, organize denial of inventory attacks or get access to customer loyalty points. To reveal more about this topic and know how to get approved for exceptional high risk credit card processing, just read below.
Fraud in Travel & High Risk Credit Card Processing
As of 2018, the travel and tourism industry accounted for 10.2% percent of global GDP. When it comes to payment transactions in the travel industry, they’re at high risk for fraud, as Arkose Labs reports.
Besides, the company’s report shows that the retail industry is faced with the largest volume of attacks caused by humans. Specifically, over ½ total attacks are caused by humans and not bots.
In fact, the likelihood that the payment transactions in the travel could be attacked is 10 times more. This especially refers to automated bots aimed at blocking inventory, leading to inventory attack denial or a surge in ticket price.
In an industry where fraud is a hot-button topic, it’s crucial to find a reliable payment processor that can help you avoid fraud and chargebacks easily. So, if you want to enjoy the most secure and cheapest high risk credit card processing, turn to a true professional in your field.
The travel industry is unique and has its own specific challenges and situations. So, work only with a merchant services provider that knows them best of all.
Travel Industry Payment Transactions
According to financial tech news provider FinExtra, hacked payment data, cyber breaches associated with online booking, and stolen security info represent the 3 most common types of fraud in the space.
The U.S. travel market was anticipated to make up $370 billion by the end of 2018. In 2016, the airline and travel industries represented 46% of e-commerce fraud attempts. Each year, travel intermediaries lose $21 billion because of these hacks. In fact, this number is forecast to grow 20% by 2020 and account for more than $25 billion.
To sum up, travel industry payment transactions are at high risk for fraud. Protecting your transactions from fraud and chargebacks is critical.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the safest and cheapest high risk credit card processing in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.