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Many travel agencies work in an online landscape regarding booking and payment transfer, and criminals use various techniques to inflict data breaches and transactional losses. The travel industry often falls victim to criminal attacks who use fake IDs and travel; abroad for illegal activities. It may harm the agency's reputation and lead to potentially heavy losses. 

To counter this, electronic verification of identity (eIDV) is used to unmask fraudsters who use fake IDs to victimize agencies and travel consumers alike. Many cyber hackers use companies' names and offer fake holiday packages to fool travelers. It creates complexities for travel companies to be unreliable. Here´s a look at how this happens and how eIDV can overcome it.

Most Common Types Of Travel Frauds

The most common types of travel fraud are:

Payment Breaches 

Many criminals use fake IDs to approach travel agencies as impersonating travelers, then employ sophisticated hacking techniques to steal documents and perform transactional breaches. Many imposters use stolen debit cards for traveling payments which creates objections for agencies.

Hotel Price Spikes

Many scammers engage individuals in the name of well-known organizations and make payments in their accounts, thereby making the organization accountable for being credited. Imposters perform various data breach techniques to obtain specific information to be used in illegal activities.

Fake Transportation

Many imposters make contact with particular agencies which offer packages including airline tickets, hotel, and other inclusions through third parties. But then they disappear, and leave the agencies to suffer heavy losses. Electronic identity verification enables firms to identify the identity of third parties before involving them as package providers.

Illegal Immigration

Many criminals try to migrate to avoid of legal repercussions, using fake IDs and accessing airlines - which then suffer reputational damage for being suspected of being complicit in illicit activities. Companies utilizing electronic identity verification solutions protect themselves against every kind of future complications of this kind.

The Significance of eIDV for the Travel Industry

A the moment, Identity verification is the only real practical solution to beat increasing fraud in the travel industry. It enables agencies to verify potential clients before accepting them and thus protect themselves from reputational damage as well as financial losses and even criminal penalties.

Key Benefits of eIDV for Travel Agencies

Automation

eIDV utilizes robust mechanisms integrated with artificial intelligence (AI) and machine learning (ML). These algorithms allow travel agencies to validate a large number of individuals in a short time. Additionally, it reduces human efforts regarding ID verification and allows organizations to have a 24/7 verification service. 

Enhanced Traveler Experience

The automated algorithms employed in eIVD also protect customers´ information privacy. Client information is largely processed systematically and thus exposed to few human beings (also reducing the likelihood of human error). It enables traveling firms to build trustworthy relationships with their clients and have successful business growth. Companies using the eIDV assist their clients with 24/7 service, which helps to reassure as well as register more travelers. 

Avoid Travel Fraud

With eIVD, suspected fraudsters are immediately identified, protect travel companies from criminal attack such as data breach, transactional loss, and identity theft. Additionally, it saves the travel industry from reputational damage. 

Regulatory Compliance

Travel companies using eIDV  have enhanced "Know Your Customer (KYC)" compliance, them to protect themselves from fraud as well as potential legal action. Agencies that do not use this protocol might be suspected to be involved in criminal activity in case of any fraud recognition. But KYC compliance provides a security layer to account for any mishaps.

In short, if you are a travel provider and you do not use eIDV, you´re leaving yourself dangerously exposed in a cyber world full of criminals.