24th January, 2023
A vital part of any anti-fraud and security strategy is to pre-empt an attack before it happens. Come to think of proxy networks, what bot operators are doing to come across as a human, open source tools and so on, the threat never remains the same, rather keeps on evolving.
In order to be ahead of scammers and fraudsters, the travel industry has to look at both the resources as well as the tools to combat any threat. One of the objectives is to examine the entire user journey rather than siloed events.
Some of the aspects being delved into:
- When we talk of a fraud team, travel companies can explore the option of structuring teams according to their expertise, for instance, managing malware attacks, account takeovers and so on, rather than placing fraud analysts within functional domain teams, for e. g. payments.
- Another area could be looking into the activity on the dark web, making sense of it and coming to grips with how a system is being tricked. For instance, fraudsters have been willing to pay much more for accounts with points and credit card details attached. It is being highlighted that transactions from a stolen account where the possibility of using both a loyalty currency and credit card is there, it proves to be an efficient method to trick fraud prevention systems.
- Plus, there also have been instances where it becomes daunting to precisely identify a risk signal, even for a machine learning model. In such scenarios, a merchant ends suffering owing to false positives and negatives. What needs to be done?
- Organizations are also looking at publicly available credential lists, testing them against their user accounts, and forcing password resets for customer accounts that use compromised credentials.
What other ways do you think can help merchants to be ahead of the game?
Explore the same at the upcoming #ATPS2023:
By Ritesh Gupta, Ai Events
