Travel Technology
Article | May 2, 2023
In 2020, the number of suspected online travel fraud attempts in the U.S. jumped by 136.6%. Two years later, the online travel fraud “industry” is still going strong, making online travel agencies and tourism businesses lose their money and reputation.
"Traveling has always been when people are more vulnerable. A few hundred years ago, the perpetrators were pirates or highwaymen. Now those criminals are still out there, but they've changed their methods to focus on digital attacks instead."
-Caleb Barlow, ex-Vice President of X-Force Threat Intelligence at IBM Security.
Mitigating fraud risk is important in any industry, but it is especially important in industries like travel where competition is fierce and margins are shrinking. The high resale value of its digital goods makes the travel industry vulnerable to fraud.
Fortunately, advanced solutions that prevent fraud have shown great results in the airline and travel industries. Machine learning and artificial intelligence tools are improving in efficiency. With their help and a variety of other methods, a good travel fraud prevention team can curb fraud in the travel industry, increase profit margins, and cut down on the costs and time taken for manual reviews of transactions to prevent financial losses.
How are Online Travel Agencies Mitigating Fraud Risks and Safeguarding Revenue?
Online travel agencies need to be on their toes to preserve their revenue and reputation, and the integrity of their operations to grow and sustain their businesses. Modern online fraud prevention methods can protect you from fraud without jeopardizing the customer experience. Let us look at these methods:
Implementing Machine Learning-based Solutions
Machine learning-based models can be the backbone of your fraud protection strategy. These models can recognize patterns and predict outcomes. They help you identify anomalies in customer behavior in real time, flag an account-takeover attempt, analyze transaction riskiness, and block them before they result in a chargeback. ML-based fraud detection software like Signifyd and Riskified detects illegitimate activities related to payments, account creation, purchases, and chargebacks. They monitor websites, networks, and applications for fraud and prevent digital payment fraud.
It is important to remember that you need to strike a good balance between these preventive measures and your customer experience, so you do not lose business by focusing on only one aspect.
Transaction Monitoring
This method focuses on the credit card used for booking. Using an intelligence tool, check if there is a mismatch between the user’s IP address and their billing information and if the same user is making too many bookings from the same account or same card. Combine these insights with user verification and fraud scoring tools so you can reject suspicious transactions automatically. Also, keep an eye on changes to bookings to avoid problems, and follow the Payment Card Industry Data Security Standard (PCI DS S) to make sure card payments are as safe as possible.
User Profiling
Gather important customer data like email addresses, credit card information, loyalty points, and social networking handles. Behavioral data on what the customer does on your website or your mobile app, the devices through which the customer connects to the website, and their email address or location can help prevent fraud. Additionally, online travel agencies can verify users in the following ways:
Use an address verification service (AVS) and a card security code (CVV or CVC). Verify scanned ID documents using SaaS products to add another layer of security to every transaction.
Create a blacklist to block specific users if you notice any suspicious attempts.
Use device fingerprinting to block devices previously associated with fraudulent activities.
Anti-ATO Methods
To prevent account takeover attempts, deploy two-factor authentication for travel agents, and 3D secure PIN codes for end customers. Biometric technology and mobile payment wallet apps like Google Pay, and Apple Pay can curb swindlers from getting into a customer’s account without secure pins or fingerprints.
Verify Suppliers
Set up a process for verifying every supplier before making any payments. Check their business license, business reviews on Google, and check their Google Street View to confirm if a hotel actually exists at the mentioned address. Ensure that there is no correlation between a steep increase in hotel prices and booking activity because it could be a hotel price spike scam.
Block Bot Attacks
Any kind of abnormal spike in web or app traffic can be an indication of a bot attack. Real-time protection against bots can be a great way to handle illegitimate traffic. Compare every website request against the in-memory pattern database using ML and AI to check and block bots swiftly. Implement networking that can safeguard your domains within milliseconds upon detecting a bad bot.
Control Friendly Fraud
Chargeback abuses are hard to prevent. The only way to fight back is to document compelling evidence to prove that the said transaction was legitimate. Document order forms, tracking numbers, online travel agency customer communication logs, any kind of travel product redemption evidence, and confirmation for items delivered to an address that matches with the address verification service (AVS).
Air France Sped Up Manual Reviews By 70%
Air France wanted an easy way to access reliable information on potentially risky transactions. So they chose SEON’s Intelligence Tool.
“The time spent by Air France analysts on manual reviews is down by an impressive 70%.”
- Eric Facquet, Deputy Manager of Fraud Prevention at Air France
Summing It Up
Tackle online travel fraud head-on while keeping in mind your end customer. You must protect your customers from fraud in a way that is strong, practical, and well-balanced. This way should cover the customer's entire journey with you, both literally and figuratively.
FAQ
Which software tools can help with fraud detection?
Fraud detection software tools such as SEON, ClickGUARD, Riskified and Oracle Adaptive Access Manager can help detect fraud.
How can you improve fraud detection?
Use machine learning models to automate processes for fraud investigation, and regularly update rules for detection and how to handle alerts.
What does fraud detection software do?
Fraud detection software regulates accounts, payments, purchases, and events in real-time to detect any fraudulent activities. It also protects sensitive company and customer data.
Read More
Travel Technology
Article | June 16, 2022
Airports are embracing data and technology to improve the experience for both passengers and vendors. Such ‘smart airports’ where internet-connected devices control functions like thermostats and security using cloud-based technologies to enhance the consumer experience, are quickly becoming commonplace.
The Emergence of Smart Airports
Smart Airports were made to solve control and management problems that airports are having more and more of because of the number of people and goods that go through them. Because of this, experts from all over the world are focusing on smart airports, which use the latest developments in telecommunications, infrastructure, robotics, and the Internet of Things (IoT).
Advantages of Smart Airports
Real-time data improves operational efficiency.
Cost reduction, productivity improvement, and operational perfection.
Demand optimization through passenger flow control and entry automation.
Improved passenger handling, flight control, check-in, etc.
Biometric monitoring systems, advanced cyber security, and reliable operations and maintenance improve surveillance and security.
Better ground and health surveillance (cleaning frequencies, availability of amenities, etc.).
The Revenue Angle
A smart airport uses Wi-Fi access points as sensors to track passengers’ location and record their dwell times. With this data, the airport could place signs and ads where they would be seen. While landing travelers previously made few purchases, this airport placed signs for products they may want to buy before leaving where they would be seen. The result was increased sales for retailers and landside revenue for the airport operator. (Source: Deloitte Study)
Traveler’s & Airport Operations Experience
A traveler constantly interacts with technology systems and stakeholders during his journey through the airport. The smart airport systems influence the traveler’s safety, convenience, and overall experience at the airport. Operations like bag tracking, indoor navigation, in-store beacons, geo-fencing, queue analyzer, biometric screening, Wi-Fi passenger tracking, and building management systems are powered by IoT implementations that make an airport smart.
Creating a Smart Airport: The Checklist
A well-structured planning process can assist airport leaders in navigating all of the options and gaining confidence in achieving the airport's business objectives. The checklist includes the following steps:
Selecting an IoT solution that aligns with your business goals
Determine the organizational and technical abilities required to implement the solution
Craft a road map to address gaps between the required abilities and existing abilities
Read More
Travel Technology, Business Travel
Article | July 20, 2022
The travel industry is getting back to business, and demand has skyrocketed for travel technologies that make interactions possible between companies and corporate travelers. A recent Gartner survey reveals how 2020 affected CFOs with their corporate travel and expense management tasks globally.
How will finance teams report and forecast expenses? How can corporate travel costs be managed? How to manage travel expense management processes effortlessly? Does this sound familiar to you? These were a few valid questions that kept companies engaged in finding answers during the pandemic.
Many finance leaders want to implement proper corporate travel and expense management services and find solutions to bring consistency and clarity to their financial processes. While switching from manual processes to automated management systems can be difficult post-pandemic, with an efficient travel and expense management tool or software, your company can gain optimum benefits and stay productive in the future. This article will show you how it evolved through the coronavirus phase efficiently.
Adoption of T&E Management Process for Seamless Work Experience
An American Express survey found that 55% of the chief executives and senior financial managers ranked rising travel and expense costs as a top concern during the peak pandemic phase.
Digital transformation of your processes is a critical strategy for spend management, and it ensures that employees are using the right product to get the best value. By adopting an efficient travel and expense management tool, your company can gain stellar benefits for your finance team to cater varied requirements, and keep a rigorous control over corporate travel spend.
Before looking into how travel expense management processes are evolving post-pandemic, here are the benefits and value travel and expense management solutions offer. Also, this will further facilitate your finance team to manage the current corporate travel scenario effectively.
Benefits of Travel and Expense Management Solutions
The travel and expense management didn’t disappear during the pandemic. Instead, it accelerated its core value. The idea of integrating travel and expense management services with the help of big data in the travel industry is to leverage best practices for travel expense management that can help analyze and extract key information to diverse corporate travel finance functions.
Travel industry leaders who are integrating effective travel expense management services in their corporate travel system have experienced the following benefits:
Automatic processes of expenditure
Data-driven decisions are smarter
Time-saving mechanism
Simplifies budgeting
Ability to forecast more accurately
Delivers better user experience
Quick access to integrated data from expenditures
Gain deep data visibility
Higher rate of compliance with corporate policies in finance
These significant upticks will benefit your company and will simultaneously improve your corporate travel policies. Understanding these benefits will help you identify how travel technology can help your company manage complex financial tasks that arose during the pandemic.
According to a Gartner survey, a travel expense management system is essential as a key solution to manage the corporate travel economy. Any company, big or small, needs to control its expenditure to recover during the pandemic.
Complex Forms of T&E Management Are Gone
Legacy processes may get a job done, but they are more time consuming, error-prone, and do not provide visibility into travel spend. And when your travel and expense management process is slow and cumbersome, it can slow down the growth trajectory of your business.
Corporate travel and expense management automation and its associated features like corporate travel policy, quick and easy booking, automated expense and reimbursement solutions, live credit card feeds, backup analytics capabilities, and more have taken precedence post-pandemic. These services offer more visibility into the travel spend of your employees. With top travel and expense management solutions, your finance teams can monitor and control costs and expenses in the long run.
While many corporate travelers have started researching and organizing trips online, you need to add value to financial services by adopting automated travel and expense management solutions that work effortlessly.
Core Focus Areas of Travel and Expense Management
The post-pandemic era has seen a lot of companies embracing new and updated travel and expense management solutions to drive cost savings, and enable finance teams to have a better control over their road warriors. Here are some:
Contactless Data Record Is the next Big Thing
Travel and expense management systems allow employees to record all corporate travel bills and receipts through mobile apps and create expense reports immediately. Big data in the travel industry has played a significant role during the pandemic. Technology leaders have already experienced the benefits of travel and expense management.
For example, TripActions’ travel and expense management platform uses data to learn about business travelers’ preferences, and predicts within 30 seconds what travelers are going to book with 90% accuracy. The advantage of big data to travel and expense management has already organized several effortless finance processes for corporate travelers to experience seamless budgets.
Automation Is Crucial
Integrating travel and expense management solutions could easily add to the unimaginable overheads that companies are experiencing. Automation is one of these solutions. Its integration in the travel and expense management system will give rise to a paperless world that will facilitate finance functions to build an audit trail. With this, it also ensures total compliance to keep the organization and its process fast.
Agile Technology Is the Enabler
Critically for the travel industry, agile technology has allowed multiple methodologies for incremental development in corporate travels, which has transformed the processes from rigid to flexible. The agile process in corporate travel and expense management allows analyzing tangible results on expense. The approach also provides the potential to change plans according to the requirements.
For example, Lola.com, the agile travel management company is helping corporate travelers book, re-book, and take the task of expense reports off the table easily. Finance teams arrange travel policies in minutes and equally manage, control, and view expenditure effortlessly. In short, agile technology is making it much easier for travelers and companies all round.
To address the use of agile technology in travel and expense management, Jeanne Hopkins, former CMO at Lola.com, the agile travel management company shares
“Finance teams at Lola.com have tried managing, controlling, and got visibility into expenditures efficiently by implementing travel and expense management. Small and mid-sized businesses have to be fast and dynamic in the changing scenario of travel, so that actions like booking, re-booking, and managing corporate travel could be performed with efficiency and results in high productivity.”
A Hassle-free Expense Management System
Expense has been one common challenge with corporate travel programs. Integrating travel and expense management in your company can eventually introduce you to a hassle-free work solution. As the process involves collecting receipts from multiple sources, either from hotels, flights, or car rentals, travel and expense management solutions make it easier for a manager to look at all corporate travel costs at once. Also, in terms of future travel spend and potential savings, the capability of this management remains exceptional. Modern travel and expense management solutions also include self-service, real time, and easy navigation.
For example, for travelers, Lola.com has a large inventory of flights and hotels that allow users to avoid going to various sites to compare fares, and save preferences, loyalty programs, and provides payment options in one place. Traveler profiles are automatically stored so that users can book with one click. The 24/7 support team then ensures easy booking and re-booking for its users without any delay.
End-to-End Integration Is the New Order of Workforce
End-to-end integrated systems in your company will help your finance team implement best practices for travel expense management. This will make it easier for your employees to initiate, approve, and pay each transaction out of hundreds within minutes, thereby creating a seamless task without any manual involvement.
Travel and Expense Management Trends
When you automate your travel and expense process, it will not only maximize your returns but, at the same time, it will minimize your spending. This will save you both time and money. Below are the reasons you will want to consider making a switch to automate from a manual process.
Remove Guess Work from Expense Process
For finance personnel in your company, the new travel and expense management system can be set up in five minutes. One of the travel and expense management tools, like Expensify, helps with easy expense tracking and reporting. Similar to this, SpendCatcher – a mobile application of MobileXpense.com that is infused with AI and deep machine learning extracts payment information with just one tap.
Supplier-direct Bookings
Companies whose employees use a corporate travel and expense management system can receive reports according to department, employee, direct travel supplier, hotel, or car rental company. This information helps managers analyze spending patterns by actively monitoring it with up-to-date information in one flow from various travel suppliers.
In this case, Concur TripLink connects to corporate travelers for direct bookings across the borders. It gives visibility of bookings no matter where it is booked.
True Visibility into Spending
The corporate travel and expense report management system automatically flags and creates analyses of dashboards highlight hidden expenditure. This can be helpful to know:
How much expenditure is going in personal corporate travel cards, and why
Find expense categories easily
Find out why expense is falling short and ask for details
In this context, MasterCard International is rapidly approaching towards a smart, web-based expense management system to control spending, generate comprehensive spending reports, and accurately integrate purchase data. Thus, delivering business efficiently, quickly, and easily.
Rise of Bleisure Travel
Corporate travel and expense management also includes ‘bleisure travel’ for corporate travelers, those looking to combine business travel with leisure time. With agile travel and expense management tools, you can make quick changes in plans to keep your employees and finance team happy and productive while mapping the budget. In this case, Lola.com has made travel and expense management real by providing an effortless way to manage, book, and report on business plus leisure travel, by encouraging its employers to save most of their time and money.
Travel technology offers a deserving platform with travel and expense management to companies for added efficiency and visibility over travel spend. As corporate travel businesses are returning rapidly towards their regular work scenarios, the travel industry will see a rise in revenue. Travel and expense management system will be one of the powerful remedies to the travel industry and will increase its scope to drive growth post-pandemic.
According to the new Skift report, 88% of corporate travelers will drive travel technology company growth. 86% of corporate travel managers believe it. Put an end to complex budget management and legacy processes; it is time to know how to manage travel expenses in corporate.
Frequently Asked Questions
What is travel and expense process?
The aim of the travel and expense process is the complete administration of travel expenses, including the recording of expenses, posting in Financial Accounting (FI), and allocation in Controlling (CO) and Funds Management (FI-FM). The process also involves the valuation of costs associated with business-related activities.
Why is expense management important?
Expense management is important for businesses because it helps employees to keep an accurate track of expenses. This caters to them to plan financial aspects for the future with more clarity and confidence. Capital flow is a daily process in any business, so to manage some significant amounts could get efficiently done through expense management and generate a profit.
What is travel and expense management?
Travel and expense management is a process that includes finance management by the employee when on a business trip or any expense is made for business goals. Each travel and expense management consists of detailed records of costs, expenditure, budgeting, and report submission.
Read More
Article | August 26, 2020
With the travel and tourism sector having taken a gut punch this year amid coronavirus concerns, many business groups and professionals are seeking new and innovative ways to enjoy memorable team events, proffer inspiring staff incentives and have some impactful one-on-one with customers and clients particularly those activities that inherently facilitate large crowd avoidance. With that, I’ve found a fabulous option in the BMW Performance Center West. This permanent performance driver training facility, located in Thermal, California near Palm Springs, offers one-of-a-kind experiences for both business groups and individuals that are taught by BMW professional driving instructors on a private course.
With up to 5.1 miles of expansive track layouts, the facility offers various driving programs and schools allowing participants to get behind the wheel of “the Ultimate Driving Machine” and learn key skills. Things like proper vision, basic car control, panic braking, handling, last-minute emergency lane changing, distracted driving, high-speed control and precision driving are all taught. Plus, it’s just plain old adrenaline-inducing fun.
The facility, which opened in 2015, offers various driving solutions for people of all ages and capabilities, and they also have special programs and meeting space for private and corporate groups. So, your entire department or company at large can get in on the action! There are multiple one- and two-day driving schools and experiences, private instruction, customizable events and the opportunity to experience the expansive, luxurious facility in either BMW or MINI vehicles.
Here are my top five reasons why this facility is a must-visit vacation destination, with the finer details courtesy of the BMW Performance Center West:
1. Private Instruction in the latest and greatest models
Instruction at the facility encompasses the full line of the newest BMW and MINI vehicles. In fact, there are reportedly over 100 new models available for activities at the BMW Performance Center West.
Also notable is the fact that all BMW driving experiences and schools are taught by professional BMW Driving Instructors, many of whom are professional race car drivers with dozens of wins. They even hold two world records: Longest Drift in eight hours (232.5 miles) and Longest Tandem Drift (39.25 miles).
These BMW Professional Driving instructors teach you how to handle your vehicle in challenging situations and conditions including accident avoidance, cornering, drifting, car control, braking and more. A skidpad allows drivers to feel oversteer and understeer, simulating hydroplaning or driving on black ice and providing the opportunity to learn how to handle those situations. The skidpad also provides advanced drivers with the thrilling experience of drifting. The tight performance track offers plenty of opportunity to learn how to control a vehicle at various speeds and cornering situations. Drivers can definitely satisfy their need for speed and excitement on one of the four tracks and experience driving scenarios they’ve only ever seen in the movies.
2. A variety of track experiences are available
In addition to BMW-dedicated tracks and a polished wet skidpad, some classes take advantage of the FIA certified race tracks of The Thermal Club. There are three tracks there with a combined length of 5.1 miles. The North Palm track is 1.2 miles long, the Desert Palm track is 1.8 miles long, and the South Palm track is also 1.8 miles long. Their newly-opened Off-Road Track allows drivers to experience extreme angles in the BMW X-series vehicles, splashing through water obstacles, driving over bumpy off-road trails and more. The vertical angles are literally steeper than any street in San Francisco and the visual sensation is amazing. Drivers often say, “I didn’t know a car could do that!”
3. A range of performance driving experiences are offered
Each BMW Performance Center West’s fun and action-packed driving programs delivers a robust experience that you’re sure not to forget. These include:
-- BMW Performance Center Drive: This option packs a real punch with two intense and exhilarating driving sessions capped off with a Hot Lap by a Certified BMW instructor.
-- M Track Drive: This is the perfect combination of machine and track with six hard-charging laps on one of the tracks of The Thermal Club pushing a BMW M3 or M4 to its limits. Featuring the facility’s most powerful and responsive vehicles, the M Track Drive will put you behind the wheel of an M car for six exhilarating laps on an FIA Certified racetrack. You’ll follow an instructor’s car for a warm-up lap and also learn the proper line for achieving the best time. Then, try to keep their car in your sights as speeds and g-forces increase, pushing your M car to its considerable limits.
-- The Ultimate BMW Mixer / The Track Meet: This is a unique driving and dining experience that elevates gift-giving, business networking and client entertaining to a whole new level. It’s a great way to get a taste of what the group events can offer. The mixer is a half-day experience that includes a delicious chef-prepared lunch, three exhilarating driving sessions in a fleet of brand-new BMWs and a Hot Lap around the track with a BMW pro at the wheel. The afternoon is capped off at a private reception with hors d’oeuvres and beverages at the BMW Performance Center. If you do have business needs, the facility has meeting spaces with multimedia capabilities, site-wide Wi-Fi and both indoor and outdoor dining with a delicious catering menu.
4. Both one- and two-day car control schools are available
Engage your senses and push through your comfort zone by learning vehicle handling, quick judgment and accident avoidance skills—all developed in a controlled environment with a BMW-certified instructor observing and coaching via radio. These include real-world driving conditions and scenarios—wet pavement, emergency braking and lane changes, distracted driving and more.
For the two-day options, participants will build on and reinforce the skills and techniques learned on day one. More seat time and real-time feedback takes driving abilities to the next level. Day two is when things really “click” and safe driving instincts kick in. This is also the day participants will experience an Instructor Hot Lap.
There are a wide range of driving school options at the BMW Performance Driving Center that are available to individuals and groups, alike. Below is a brief synopsis of each:
-- Car Control School: Take the wheel of a BMW and head out to the track, where professional instructors will hone your driving skills. Understanding stability control, knowing what to do when a vehicle starts to slide on the wet skid-pad and practicing proper vision through the lane-change course will allow you to anticipate situations on a real road. Available as a one-day, or for even more in-depth instruction, two-day course.
-- M School: Take the wheel of a high-performance BMW M vehicle and experience the power of M firsthand. Accelerate, corner and brake faster than you ever have before, then learn to maintain control in low traction conditions on the facility’s wet skidpad and keep 400 horsepower under control. End the day with a hot lap in an instructor-driven M vehicle. Available as a one-day, or for even more pulse-pounding excitement, a full two-day course.
-- One-Day M School: Learn the theory, physics and mechanics of performance driving. M School builds confidence and consistency while perfecting control, handling, acceleration and braking techniques.
-- Two-Day M School: Take everything you learned on day one and push “GO.” Slaloms, drifting, braking, cornering at optimum slip, full- and modified-time laps at speeds you’ve only dreamed of.
-- Advanced M School: Game on. M School graduates are an elite class of driver. They’ve proven that they’ve got what it takes to handle the ultimate challenge: BMW’s Advanced M School, held for two full days at road course tracks with pro Instructors, is the closest you can get to a racing experience.
-- MINI Motoring School: Take a John Cooper Works MINI Cooper and run it through an autocross course, lead/follow session and some stunt driving techniques, all under the watchful eye of a professional instructor. The mighty MINI will have you grinning from ear to ear all day long.
-- MINI Tricks and Stunts School - The first half of the day gets you intimately familiar with the MINI’s handling and capabilities, but the fun meter gets cranked to 11 in the afternoon. They’ll cover silky smooth reverse donuts on the skidpad, J-turns and reverse turns.
-- Teen School: There’s a lot for brand-new drivers to keep in mind and the BMW Teen School will allow them to experience how a vehicle feels at the limit in the safety of a closed environment. From wet skidpad exercises and panic braking to performing a double lane change, teens will leave with a solid foundation of vehicle control and a big smile. This option is available as either a one or two-day curriculum.
5. Amenities abound
Set against a backdrop of breathtaking mountain views, the BMW Performance Center not only boasts a private course where only you can experience the Ultimate Driving Machine, but also a luxurious modern building, gourmet café, coffee bar and gift shop with exclusive merchandise that you cannot buy anywhere else.
Customized corporate retreats and group events held at the BMW Performance Center are a refreshing change from the cliché team-building sessions. All programs are designed to improve dynamics, build trust and facilitate group communication. They have meeting spaces with Multimedia capabilities, site-wide Wi-Fi and indoor and outdoor dining space.
In all, this is an unforgettable experience that also makes a great gift idea. With stay at home orders having been lifted, getting behind the wheel of a new BMW at the BMW Performance Center West is a “bucket list” excursion sure to leave you longing for more.
Read More