Faces of Forter: Insights from Forter’s Fraud-Fighting Leaders
As the world of online commerce rapidly evolves, with trends shifting almost daily, Forter’s team of fraud experts are tasked with staying one step ahead of the latest fraud patterns, consumer behaviors, and global trends.
We recently kicked off our new series Faces of Forter, to expose unique insights and information pulled from our Global Merchant Network of data. Our goal is to tell the stories uncovered from Forter’s front-line fraud investigators. You can view the first episode, featuring Osnat Karkashon, Customer Success Manager, here.
Trends in Travel
In our next episode, Nir Maayan, Senior Analytics Team Lead, discusses travel industry trends and what his team has been seeing as the travel landscape evolves. The first trend he mentions is personalization, with travel businesses offering more unique and tailored services that better fit the needs of their loyal customers. Gone are the days of mass marketing and monolithic product offerings. Now, travel merchants are not only taking a more personalized approach to how they interact with their customers, but they’re also customizing the products they offer. From expanding into new methods of travel, to offering a wider array of options for loyalty rewards, travel businesses have embraced the notion that commerce is moving from transactions to relationships.
However, as these brands keep up with customer experience demands, they may not be keeping up with proactive fraud prevention measures. Their current fraud methods may even be hindering their ability to provide a seamless customer experience. Nir mentions that his team has been seeing an increase in Account Takeover (ATO) attacks, with a growing need to stop fraudsters prior to checkout at touch points including login or registration steps of the customer journey. Additionally, he points out that travel businesses are also seeing an increase in policy abuse. From loyalty program fraud to returns abuse, this form of monetization isn’t typically caught as a traditional chargeback, but can still be very costly to travel merchants. These types of fraud, combined with the fact that more and more customers are purchasing travel from their mobile devices, require a more sophisticated and tailored approach to fraud prevention.
Preparing Your Business in Today’s Travel Landscape
Now more than ever, it’s important for travel businesses to be hyper-aware of trends and global events that impact travel, such as the recent Coronavirus. As a leader in the technology behind fraud prevention, and an expert in the e-commerce trends of the travel industry, Nir Maayan has recorded an on-demand webinar discussing what travel businesses need to know about this global pandemic, and how they can better protect themselves from emerging methods of fraud during this time.