3. Combat Data Breaches & Automate Fraud Detection
Online booking and shopping have increased dramatically in the post-pandemic era, and so too has payment fraud. According to JP Morgan, approximately 74% of organizations were the victims of actual or attempted payments fraud in 2020 alone, while in that same year, over 115 million credit and debit card details were stolen and posted on the dark web. Technologies such as one-click payments that are designed to streamline the payment process have also made it harder to detect and prevent fraud, while many common fraud techniques are hard to distinguish from legitimate refunds or chargebacks. The issue is how to deploy systems that can reliably detect and prevent payment fraud without unduly burdening the guest experience.
Dealing with chargebacks can also be difficult for hotels. Chargebacks or payment disputes offer customers a way to dispute suspicious transactions and occur when a