Tackling cybercrime can boost travel companies’ revenue, report states
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Travel companies that take measures to tackle online fraud and cybercrime can improve their customer experience and boost revenues, a new report has asserted.
In its latest white paper, ” Safeguarding information systems: A lever for revenue growth”, Amadeus states that while risk of online crime is increasing, companies that try to combat it can turn this threat into a commercial opportunity.
Improving online security can help drive greater sales to travel companies’ websites, the report states, while airlines can unlock hidden revenues by reducing the number of valid transactions which are blocked by ineffective fraud management.
Automating fraud management controls can also reduce the cost of online fraud to a company, and storing sensitive data as tokens allows travel companies to eliminate sensitive data altogether, which the report says “greatly reduces the burden of meeting regulatory obligations”.
“The global travel industry is facing complex challenges as a result of the growing risk of account takeover or identity theft,” said Celia Pereiro, Amadeus’ head of travel payments. “Nonetheless, at Amadeus we believe this can also be a lever for growing top line revenues.
“To achieve the revenue opportunity, the responsibility for safeguarding data cannot be the domain of a single department but span the whole organisation, with conversations across and beyond silos. We have developed this white paper with the explicit aim of driving these conversations between those responsible for assuring the safety of their companies’ data IT heads and commercial executives,” she added.
Cybercrime currently costs companies an average of US$2.6 million.
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