How Identity Mitigates Risk in Travel and Hospitality
Protecting customer accounts and loyalty points begins with better identity.
The COVID-19 pandemic accelerated the adoption of remote interactions and transactions between consumers and organizations in the travel and hospitality industry. Travel restrictions sparked an industry-wide surge of bookings cancellations. Customer accounts ballooned with credits and continued to accrue loyalty points during regional shutdowns.
With the release of pent-up demand, travel and hospitality organizations expect consumers will spend these points and credits at high volumes. Most consumers have come to expect easy digital account access, while others will need personal service from a call center agent. To mitigate risk in these remote connections, organizations and consumers need to trust in each other’s identity.
Most travel and hospitality organizations operate with an incomplete understanding of users' identities, inviting the risk of account takeover fraud, frustrated customers, and operational waste. These liabilities cost organizations millions in identity fraud and inefficient operations.
Conversely, investing in identity helps travel and hospitality companies deliver the prompt, personable experiences that many travel consumers remember and are seeking again. The more that is known about consumers, the more effective and less risky consumer interactions can be.