As crimes like travel identity theft and credit card fraud are a growing concern for businesses these days. The vestiges of such frauds affect nearly everyone including consumers, businesses as well as banks and financial institutes. Financial crimes and identity theft are some of the hardest to prosecute and get resolved for victims.
Travel experts are often of the opinion that tourists and travellers are more prone to credit card fraud and identity theft. This is mainly due to the fact that travellers are required to carry multiple identification documents and credit cards.
Moreover, tourist attractions are permeated with pickpockets and petty thieves, looking to take advantage of unwitting tourists.
There are a few other factors that make travellers more vulnerable to identity fraud:
- Using public ATM machines that have the risk of being installed with skimming devices.
- Accessing your online bank account through insecure WiFi networks.
- Leaving your documents lying around in your hotel room.
- Shopping from stores that do not have adequate fraud prevention measures.
How to Reduce the Risk of Travel Identity Theft When Travelling
The travel industry is looking to enhance customer experience by expanding their range of services. However, by expanding their offerings the risk of fraud also increases. Moreover, as the age of internet takes hold, customers too are preferring to make online bookings and use online travel agencies to book their trips.
With the enormous number of offers available over the internet, it can be difficult to discern legitimate ones from fraudulent ones. Add to this the risk of travel identity theft when a person is travelling abroad, makes some precautionary measures mandatory for both businesses as well as consumers.
Avoid writing down your passwords, account numbers, PIN numbers, and other essential information, in order to remember them. Instead, make use of password manager apps or other similar systems of organizing your passwords and account numbers. If you end up losing your wallet or have it stolen, you will still have all your records to block fraudulent use of your information.
Always inform your bank or credit card company where you are travelling and when. They tend to implement strict monitoring of customer transactions when they are travelling. If they detect any suspicious activity, they can immediately inform you and take the required measures to block your account or credit card.
Properly secure your home before travelling. Thieves normally look for empty houses to look for piled up mail. It is extremely easy for them to fish for your information to commit identity fraud.
Frequent reputable shops and retail stores that use proper fraud prevention measures. Also, use reliable online booking services for booking your trips. Businesses, whether online or physical, are increasingly using KYC verifications as anti-fraud measures. They use an identity verification service to identify and verify their customers in order to weed out fraud and scams.
Avoid using ATMs installed in public places like shopping malls or airports. Instead, always look for ATM machines linked to a bank as they are less likely to have skimming devices installed in them, and have better security measures in place to thwart fraudsters.