In this era of technological advancements, every business is moving toward remote facilities regarding client registration, onboarding, payment transfer, etc. Travel agencies facilitate their customers to book their tickets with the help of different apps and pay their fares online. It eradicated the need to go on-site and buy tickets. Many companies offer whole tourism packages and clients can purchase them online. However, travel companies suffer from cybercrimes and illegal clients who use fake IDs to avail services for illegal immigration. Many imposters use tags, names, and confidential information of particular agencies to make fake calls and offer fake packages to have money in their accounts. It leads organisations toward reputational damage and heavy business loss. An electronic identity verification service is used to protect agencies against various travel frauds.
What Are The Benefits Of EIDV For the Travel Industry?
Companies use EIDV services to overcome travel scams and protect themselves from every kind of reputational and financial damage. Electronic ID verification is the only solution to protect travel agencies from allegations of being involved in illegal immigration. EIDV provide the following core benefits to the travel industry;
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Scalability
Digital technology employed in the process of electronic identity verification enables travel agencies to enhance their scalability. It enables organisations to register more customers with the help of digital solutions. Companies using EIDV service protect themselves from criminals and fraudsters integration that enables them to carry smooth business operations and provide
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Enhanced Reputation
Companies using electronic identity verification processes mitigate the risk of imposters being interlinked. They protect them from every kind of data breach which discourages fraudsters from using their brand name and processing. Thus they never face any complexity and have an enhanced reputation.
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Security
Companies using electronic identity verification services have access to their traveller’s profile which allows them to identify illegal immigrants. It protects travel agencies from various legal complexities and enhances business growth with a good reputation.
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Customers Satisfaction
Travel companies using electronic identity verification solutions provide remote registration to their clients for booking tickets and selecting various packages. It enhances customer experience and allows organizations to have real clients digitally.
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Fraud prevention
Successful electronic identity verification processes encourage industries to overcome travel frauds and have business growth. It protects against every kind of data breach and transactional loss
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Automation.
EIDV solutions harness the power of cutting-edge technology such as artificial intelligence (AI) and Machine Learning (ML) algorithms. Robust mechanisms employed with AI and ML solutions enable travel agencies to have automated business operations regarding traveller verification and registration. It enables travel industries to attract more clients with automatic 324/7 availability
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KYC And AML Compliance
Travel companies using EIDV solutions can have successful compliance with Know Your Customer (KYC) and Anti-money Laundering (AML) regulations. KYC and AML integration protect agencies from every kind of legal action in case of any travel scam such as illegal immigration. Many travel agencies are suspected and asked by the government in case of any illegal immigration which brings heavy fines and reputational damage. Companies using EIDV have an external security layer to account for future complexities.
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Business Success
Electronic identity verification provides automated solutions with AI and ML algorithms and brings more customers with 24/7 availability. Additionally, it protects organisations from reputational damage by having legal individuals as travellers. The EIDV solution allows quick verification and saves time for more bookings and other operations.
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Cost-effective
The travel industry does not need to hire multiple candidates for the verification process but they can verify users with EIDV methods while booking. It enhances customer experience as well and provides good business revenue with multiple bookings. As EIDV offers remote registration and booking processes it attracts more users and leads to high business success.
Common Prevailing Travel Frauds
Many companies do not use strong identity verification solutions and suffer from heavy losses and fraud. They have to suffer heavy penalties and business decline. Electronic identity verification solutions mitigate the risk of fraudsters being there in the link and protect travel agencies from many frauds. Following are the common fraud prevailing in the travel industry;
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Data Breaches
Many imposters use fake IDs to perform data breaches.
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Payment Breaches
Organizations without having identity verification solutions has to suffer from fraudsters to be there who perform various techniques and perform transactional breaches.
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Hotel Price Spikes And Fake Tourism Rides
Whenever a travel company involves a third party in a tourism package, it needs to verify their identity. Companies may suffer fraud without identifying third parties regarding their authenticity and validation.
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Illegal Immigration
Many individuals use fake identities to migrate illegally and lead travel industries towards reputational damage and heavy penalties.
Final Words
Companies must use electronic identity verification solutions to overcome prevailing frauds in the travel industry such as illegal immigration, identity theft, data breaches and transactional breaches. It enables organizations to overcome future complexities associated with reputational damages and other travel frauds. The automatic AI and ML algorithms utilized in the EIDV process mitigate the risk of fraudsters being registered and performing unlawful activities such as stealing confidential information.
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