Fraugster | August 02, 2022
Fraugster, an AI payment intelligence company, together with Worldline, a global leader in secure payments and trusted transactions, has confidently enabled travel merchants to weather the storm of the Covid-19 pandemic with its Chargeback Protection Solution. The solution eliminates chargeback losses for merchants by taking full liability for fraudulent transactions. At the same time, advanced AI trained on global payment data makes more accurate decisions to boost approval rates. Innovations in machine learning and artificial intelligence (AI) allow merchants to go-live without historical data by leveraging a new deep learning model.
With the outbreak of Covid-19, global travel was grounded. This caused mass cancellations and a scramble for refunds, but also created new opportunities for fraudsters to strike overburdened travel operators (hotels, airlines and OTAs), and take advantage of weak points in the system. In addition, there was a surge in so-called "angry chargebacks" where customers claim not to have authorised a transaction, usually in response to being frustrated by a cancellation or booking change. Covid-19 fraud patterns and consumer payment behaviour were significantly different to those pre-pandemic. Similarly, data inconsistencies limited the ability to identify and prevent certain types of fraud attacks like last minute cancellations on short term bookings. Chargeback rates jumped to over 3%, versus a baseline of under 0.5% in normal circumstances.
"Iberostar experienced a massive increase in fraud pressure during the pandemic. We were pleased that partners Fraugster and Worldline were able to act so quickly to design a new AI model specifically for us. In a few short months we reduced the Chargeback rate from 2.76% to 0.07%, which was a fantastic achievement,"
-Ferran Llompart, Corporate Treasury Director, Iberostar
Additional factors make chargeback protection more relevant than ever. The first is that the total cost of managing chargebacks has risen to nearly 3x of the original transaction value, according to a Fraugster analysis. For verticals like travel, where average order values are in excess of $750, this implies a total cost of over $2000 per fraudulent transaction.
Secondly, 80% of online merchants are reporting an increase in first party fraud (also referred to as "friendly fraud") where credit card credentials are intentionally or mistakenly abused. This trend is particularly acute in online gaming environments. These chargebacks are very difficult to prevent or mitigate and are costing companies margin, with limited recourse to recovering chargeback losses.
Together these trends are increasing merchants' exposure to chargeback liability and are driving up the total costs related to chargebacks. With Fraugster's Chargeback Protection solution merchants are able to significantly reduce the costs attributable to managing chargebacks, plus chargeback losses and fees, with little to no integration effort.
"Fraugster's approach to addressing chargebacks is to use a combination of machine learning and behavioral science to build a sharper picture of the transaction in question. This means merchants can provide a more seamless buying experience for legitimate customers while also preventing fraudulent transactions from getting through - this includes transactions that may turn into chargeback fraud later on, We are pleased that global brands have increased their revenue of between 5-16% since adopting Fraugster's Chargeback Protection solution product and report a steadier and more predictable financial coverage for chargebacks and bottom line impacts."
-Christian Mangold, CEO of Fraugster.
Fraugster is a Berlin based payment intelligence company. Fraugster enables the world's leading merchants, global payment companies like Worldline and Ratepay to intelligently manage the impact of fraud to minimize the costs of fraud, maximize revenue and improve customer experience. Fraugster has developed one of the most accurate AI compliance, risk and fraud management and revenue uplift platforms in the market and is backed by leading deeptech investors including Earlybird, Speedinvest and CommerzVentures. Further information can be found at https://www.fraugster.com/
Holland America Line | July 04, 2022
With pent-up demand and the U.S. Independence Day travel rush approaching, premium cruise line Holland America Line reported a surge in interest for Alaska cruising to the bucket list travel destination during June for the first time since before the COVID-19 pandemic.
"People are excited to travel again while reconnecting with family and friends in a meaningful way,We're seeing the pent-up demand leading to increased booking as guests realize cruising is a hassle-free way to enjoy unique destinations such as Alaska."
-Beth Bodensteiner, senior vice president and chief commercial officer for Holland America Line
Our summer travel inquiries and bookings show people are feeling safe to explore again, Alaska is one of my favorite places to visit in the summer. A preferred partner, like Holland America Line, helps us provide clients with convenient departures to and from our own back yard to this amazing place, without the added cost of airfare.Michelle Glass, vice president of travel for AAA Washington
"With the cost and recent challenges with air travel, we are seeing excitement and traction from guests within driving distance of our cruise homeports such as Seattle and Vancouver, We recently invested in local marketing near our homeports and we're already seeing that pay off."
-Kacy Cole, vice president of marketing and e-commerce for Holland America Line
Overall, Holland America Line continues to see a high level of interest in cruises that are only a short flight or drive away from guests' homes. On round-trip sailings from the United States, the cruise line visits 225 different ports in 91 different countries, serving more international destinations on cruises sailing round trip from a U.S. homeport than any other brand. The line's homeports in the United States include Seattle, San Diego, Boston, and Fort Lauderdale. In addition, Holland America Line operates more Alaska cruises from Vancouver, British Columbia, Canada, than any other cruise line.
URVENUE | September 17, 2022
Hapi, the hospitality industry's leading platform for fast and cost-effective connectivity between technology systems, has announced an integration with UrVenue, a unique non-room inventory booking engine and operations platform for hotels. Through the integration, UrVenue can push and pull data from the industry's leading Property Management Systems by writing to a single Hapi API.
As more consumers look to book all parts of their travel experience online, hotel operators are introducing creative ways to sell assets beyond the room. Leveraging Hapi's ability to connect UrVenue's PXMS with PMS systems, hotels will have unified booking and itinerary building capabilities. After booking a hotel room, guests are empowered to book additional experiences across multiple categories - activities, recreation, dining, entertainment, amenities, daylife, nightlife, and curated packages.
Meanwhile, Hapi is exposing event streams and transactional APIs at scale, helping hotel companies innovate faster by removing integration, development and deployment challenges. The secure integration between the two companies will allow hoteliers to access critical data in a short amount of time with little to no development work on their end.
"The digital guest experience is critical today, and UrVenue is providing a unique solution to non-room inventory management that also includes a powerful booking engine, We're excited to help broaden the number of hotel companies and technology solutions they can connect to. Hapi has become the de facto API standard for connectivity and we're proud to be helping hoteliers at both property and corporate levels access and action their data."
-Luis Segredo, CEO of Hapi.
UrVenue is the latest hotel technology solutions provider to turn to Hapi for Property Management System connectivity rather than building 1:1 integrations with each provider.
Hapi and UrVenue are 100% aligned on our goal to create a more modern digital guest experience, while overcoming the biggest pain point in the hospitality industry – the fractured booking journey, said Deron Pearson, Chief Executive Officer at UrVenue. "This partnership is a great example of how innovation comes from collaboration between organizations that share a passion for challenging the status quo.
Hapi is a disruptive Cloud Data Hub that exposes event streams and transactional APIs from hotel systems at scale, designed to solve the hospitality industry's data management challenges while addressing high integration costs. Developed by hotel technology innovators, the secure, scalable, cloud-based data streaming platform is based on an open model, to which multiple layers of encryption, authentication and governance are added. Hapi now serves 6,000 hotels globally, including IHG Hotels & Resorts, Sonesta Hotels, Accor, Hyatt Hotels, Rosewood Hotels, Margaritaville and Four Seasons Hotels & Resorts. In 2021, the company achieved Hotel Tech Report's Global Customer Support Certification, a stamp of approval on its dedication to customer success. Visit Hapi at www.hapicloud.io
UrVenue is a hospitality technology company that introduced the industry's first Property Experience Management System (PXMS). As a full-stack technology solution, UrVenue Enterprise enables commerce, operations, data insights and knowledge management for venue and resort experiences and bridges the fractured booking journey with its unified booking capabilities. UrVenue was built specifically for hospitality venues including nightclubs, dayclubs, restaurants, lounges, pools, resort beaches, sportsbooks, special events/shows, recreation, and more. Since 2011, UrVenue's technology has been the trusted solution for clients ranging from independent venue operators to global organizations including Caesars Entertainment, MGM Resorts International, Wynn Resorts, Club Med, Circa Resort & Casino, Tao Group, Resorts World, The Venetian, Mohegan Sun, Paris Society, and Zouk Group. For more information, visit urvenue.com. Follow us on social: LinkedIn, Twitter, Facebook, Instagram