The continuous rise of the travel industry has impacted criminal organizations that are more involved in tricking online platforms and stealing travel transaction details and other credit card information. Airlines and other booking platforms can be secured by integrating identity verification solutions because these platforms are more prone to fraudsters. Moreover, according to a recent study, the identity validation market is forecasted to grow by up to $ 23 billion in the next 5 years, with the vigorous implementation of solutions and other security measures. Read the blog and understand more about travel fraud and how identity validation encounters these crimes.
Emerging Fraud Rate and Travel Industry
The travel industry is one of those that are prone to imposters. Over the past few years, this industry has been a popular destination for cyber attackers, invading the company’s insights and damaging the sector’s reputation. The increasing crimes include data breaches from online booking platforms, hotel price spikes, eleventh-hour buyer scams, and robbed transaction details using online sites. While briefing these crimes, cyber offenders access the user’s credentials and trick to put online traveling platforms into trouble. Read the following section to explore how online identity verifier protects the travel industry against all the mentioned crimes.
What is ID Verification in the Travel Industry – Explained
Who are the clients using the services? Do companies have all the data regarding their customers, and are they sure those entities are legitimate? Validation of identities is the answer to all the questions ranging from knowing the customer to verifying their authenticity. Identity verification solutions are online systems with AI-driven models integrated into the system to eradicate fraudsters.
Online verification of identities is a crucial process that validates the identity of the entities before allowing them to access any services. The verification is done during the onboarding process. For this method, every company develops its policies and programs that adhere to the regulatory requirement, ensuring the client’s complete data security. Furthermore, learn about the workflow and its gains in the travel companies.
Workflow of Identity Verification Service
Travel companies have experienced a significant transformation, moving from conventional procedures to automated methods. Online global ID verification is simply collecting, analyzing, and validating the client’s identity. However, the quick 4-step verification is addressed below:
- The user uploads the images of the required documents
- Live selfies using mobile and webcam
- Data and images are matched and cross-checked against each other
- The entity is verified, and the results are stored as proof in the back offices.
The four-step verification is easily integrated into different case scenarios according to their nature. Some of the used cases of identity validation include:
- Check-in
- Booking tickets
- Onboarding drivers
- Immigration checks
Overall, the verification process protects travelers, prevents fraudulent activities, complies with regulatory requirements, and ensures security in the travel ecosystem.
Why Travel Companies Should Opt for Authentication of ID Solutions
Comparing the automated version with manual systems has simply shown that the digital version of identity verification is better and more accurate than the conventional process. However, the travel industry seeks to enhance user satisfaction and aims to sustain a strong position in the business market like other sectors. Therefore, allowing verified identities into the services is the only way to protect the company’s assets and clients’ data. Identity verification solutions offer numerous advantages to the travel industry, addressed below:
- Allow Legitimate Users Only
Identity authentication systems only allow verified entities into the systems. The validation process has become streamlined using AI and ML models, and the system can automatically detect suspicious patterns, generating high alerts on the profiles.
- Reduce Resource Expenditures
Automated systems have reduced the need for manual work while decreasing the cost of extra resources, making it a cost-effective approach for the travel industry.
- Eliminate the need for Physical Presence.
Digital systems are now collecting data and related details online while providing on-the-spot results of the verification test conducted. These systems simply cross-check the image against the official documents, eradicating the need to show up for booking or any other requirement.
- Enhance Customer Experience
The fast and effective accurate system automatically enhances user satisfaction while minimizing the errors made by the teams. The client is no longer frustrated or irritated with multiple verification stages.
Summing Up
Identity verification solutions assist travel companies in enhancing the customer experience and implementing robust security protocols. They include all the KYC methods, AML screening, and facial recognition solutions with multi-layered authentication to secure onboarding and ensure contactless check-ins while dealing with all traveling fraud.