How to tackle fraud as a travel provider

It is no secret that fraud is a problem in the travel industry. In 2021, the travel industry is predicted to be worth a staggering $1.3 billion. Pre-pandemic, this figure stood at $1.8 billion. Despite the reduction in value, fraud has become more prevalent. Unfortunately, fraud is widespread in travel, and with each year that…

The Future of Payments: Security is the priority

2020 was an extremely challenging year for us all. Unfortunately, fraudsters have benefitted from the devastating effects of COVID-19. For example, UK Finance found that £1.26 billion was lost to fraud in the UK alone in 2020. In the first few months of 2021, a range of news outlets published stories proclaiming a ‘fraud epidemic’ across a…

What happens when merchants are the victims of payment card fraud?

Whenever sensitive payment card details are compromised, someone has to pay the price. For large businesses, card fraud is undoubtedly an issue, but an issue that they can mostly afford to fix. In recent years, large companies have seen security breaches that have compromised the card details of thousands of their customers. As the cardholders were not…

Strong Customer Authentication, PSD2, and 3DS2

Fraudsters are utilising increasingly sophisticated methods to commit fraud. As a result, governments around the world are encouraging merchants to implement fraud protection methods through a specific type and number of authentication methods. In recent months we’ve drawn attention to the importance of complying with the second Payment Services Directive (PSD2) legislation by implementing Strong…

The cost of payment fraud for travel merchants

The travel industry has a tough time with fraud. It costs the industry not only millions but billions a year. The rise of eCommerce has meant that there are increased opportunities for fraud. While a wealth of technology has been developed to tackle fraud, criminals have also become more sophisticated in their tactics.  Fear of…

What are chargebacks and are you prepared for them?

A chargeback reverses a money transfer from the consumers’ bank account or credit to a merchant. They are used to dispute a card transaction and secure a refund for purchases and commonly occur after the consumer has failed to get a refund from the merchant. As a form of consumer protection, chargebacks are naturally titled in…

Why is PSD2 and Strong Customer Authentication being implemented?

PSD2 is being implemented across the European Economic Area (EEA) to progress towards a single digital market, which aims to make the EU’s single market fit for the digital age. The legislation will mean that all active payment service providers within the EU will be subject to certain rules that they are obliged to follow.…