How Identity Verification Solutions Revamp The Travel Industry

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How Identity Verification Solutions Revamp The Travel Industry

By 2037, the total number of air travelers is expected to double from 4.2 billion to 8.2 billion, according to the International Air Transport Association. Where the industry is flourishing, traveling scams are one big concern for service providers. Identity verification plays a fundamental role in taking down scams related to travel agencies, agents, hotel booking sites, and tour planners. 

How Identity Verification Solutions Revamp The Travel Industry

 

What’s the Importance of Identity?

Whether you are having a cross-border trip or a flight to your favorite destination, identity plays a crucial part in developing trust and confidence that a user is legitimate. When it comes to sharing economy services, identity becomes increasingly important for consumers to ensure the other party on the transaction end is trustworthy. If a travel agency or platform is authentic, it gives users a sense of security and confidence that the entity they are dealing with will not get them in any sort of trouble.

 

Travel Agency Scams

In this world of digitization, identity proof is essential to verify transactions and buy and sell goods over the internet. Cybercriminals are always looking for different ways and means to hijack and steal sensitive identity information to use it for their own good. According to a study, fraud in travel companies accounts for a staggering $25 billion in 2020 and is expected to rise in the coming years. The numbers suggest that businesses operating in the travel industry need to take adequate measures to safeguard the identity of their customers and ensure a high level of trust among travelers.

Today, since there are better opportunities for the sharing economy and travel services, identity verification can quickly find its way into these domains and help businesses gain that all-important competitive advantage. Below are listed some areas where ID verification can prove beneficial.

 

Convenient Travel Booking

The travel industry has appreciated the advances in technology and has been quick in adopting them. By developing user-friendly mobile applications for easily booking hotels, flights, and rides, travel businesses are making a good deal of money. Many are further banking on ID verification to provide their customers with a secure experience that will benefit them in the long run. 

Innovations like facial recognition and document verification have opened new doors for digital identity verification. A passport scan can now be done at the comfort of your home with new and improved OCR services backed by artificial intelligence. This saves travelers the cost and effort spent on manual verifications, presenting travel documents, and waiting on booking confirmations. Travel scams are no more a threat with identity verification keeping fraudulent activities at bay.  

 

Compliance with Travel Regulations

Consumer privacy and online data protection have been a growing concern for regulators over the years. Travel companies need to ensure that they follow the proper standards when it comes to verifying and collecting the personally identifiable information (PII) of users. This sensitive data, if not properly handled, can lead to travel scams which take a toll not only on customer identity but also on a business's reputation. Some key regulations are listed below:

  • Strong Customer Authentication (SCA)
  • General Data Protection Act (GDPR)
  • California Consumer Privacy Act (CCPA)
  • Payment Card Industry Data Security Standard (PCI DSS) 
  • APIS data capture

 

With the growth in the regulatory landscape, identity verification has become a reliable solution to prevent travel scams and keep customer information intact. It also ensures Know Your Customer (KYC) and Anti Money Laundering (AML) standards are fulfilled properly.

To sum it up, the travel industry is a great place where the economy can benefit and businesses can make a good profit. With an identity verification solution in place, travel industry scams can be mitigated and the market could become a safer place for customers. Identity frauds and cashback requests would no longer be a challenge for travel companies since robust identity verification has git them all covered. Modern IDV solutions prove to be reliable and flexible both terms of streamlined customer experience and optimizing fraud prevention mechanisms.      

 

With the rising surge in the travel industry, every travel agency has to think of different marketing methods to attract customers. Travel flyer is one such way of advertising your travel business and it's a need of the hour for every agency out there to gain more sales by attracting a huge chunk of customers.   


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Last Updated : Apr 09,2021
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