ID Verification – Ensuring Safe Travels for the Transportation Industry
Digital innovations are taking transportation companies to a new height both in terms of revenue generation and number of travelers. However, it is becoming an easy target for cybercriminals to breach confidential information and exploit the industry in general. The attacks on German Railways, Maersk, and Kyiv Airport stunned the entire travel sector. Therefore, to mitigate fraud, the transportation industry requires more than just digital onboarding.
The transportation industry was never thought to become a victim of criminals. Over years, it is experiencing an increase in identity fraud exposing customers and owners to various threats. Hence, the transportation sector is taking necessary precautions to provide a safer journey. This blog discusses challenges in the travel industry and how ID verification counters them.
History of the Transportation Sector – An Overview
Transportation is one of the biggest innovations and has been so since the first wheel came into discovery in 3,500 B.C. Soon after this, advancement begin to rise and the dream of passengers traveling miles in less time became a reality. After the establishment of London’s first public transit system in 1820, the discoveries never stopped. Moving further, 1825 was the year when the first public railway system was initiated.
Afterwards in 1914, the passenger airline took off. Hence, this shows the transportation industry has come a long way. With all the advancements within the transportation sector, certain issues such as synthetic identity fraud, payment scams, and others are simultaneously increasing. While conveyance companies struggle to bring more convenience and safety during traveling, criminals are going otherwise. Therefore, they require robust identity verification services to ensure they are boarding legitimate passengers.
Challenges in the Transportation Industry
Similar to every other industry, the travel sector is also facing serious issues such as cyber security threats. In order to cope with digitally emerging fraud risks, conveyance companies are bringing in efficient identity authentication solutions. While they strive to elevate convenience and seamless travel, emerging fraud trends are driving consequences otherwise. Financial loss, data breaches, identity theft, payment scams, and terrorist activities are to name a few. Furthermore, the transportation industry is incredibly concerned regarding the following challenges:
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Meeting Customer Demands
Amid digitization and online travel monitoring, customers demand easy access to their bookings. Furthermore, staying aware of the complete journey, routes, and fares is another increasing concern. In this regard, transportation companies are investing in identity verification services to streamline the traveling experience. Moreover, to tailor their operations as per customer demands, integrating automated IDV mechanisms has become a must-have.
Supply Chain Integration
Transportation companies are a major go-to option for global traders, especially after digitization. Millions of goods, items, and other products are purchased. Later they are exported either through sea or road routes. At this point, integrating the supply chain becomes challenging because vulnerability at one point will cause the downfall of the whole system. Furthermore, inadequate identity verification mechanisms increase the chances of theft and illicit trading activities.
Cyber Security Threats
Criminals use transportation as an easy escape after performing illicit activities. Similarly, robbers easily move money, goods, and other stolen items. While conveyance companies are integrating online booking and payment options, it has become easier for criminals to steer clear of identity theft protection checks. Furthermore, cyber bad actors escape ID verification and hack the bank accounts of legitimate customers. While there is less regulatory scrutiny and inadequate IDV mechanisms, exploiting transportation companies’ systems is an easy task for criminals.
Minimizing Travel Fraud with Identity Verification Services
After some of the major incidents including the WannaCry ransomware attack which affected over 150 regions and a cyber security breach of Maersk which caused a loss of $300 million, the transportation industry is enhancing its efforts against fraud risks. Criminals either impersonate legitimate travelers or organizations booking a cabin for exporting goods. In both ways, breach of identity authentication takes place to clear the path for criminals. However, transportation companies can mitigate fraud risks in the following ways:
Cross-Checking Documents
For online bookings, transportation companies can integrate self-driven kiosks at terminals for analyzing documents. With advanced OCR and ML technologies, there will be fewer chances of information forgeries. AI-powered identity verification services further streamline this process by eliminating data discrepancies and human errors.
Use of Biometrics
With advancements in the identity verification horizon, the transportation industry can better fight fraud risk. By using facial recognition, gesture analysis, palm vein patterns, and liveness, they can prevent imposter onboarding in real time. AI-powered biometric identity verification systems enable conveyance companies to not only authenticate digital payments but also counter fraudsters’ boarding.
In the End
Integrating identity verification services can enable transportation companies to put necessary precautions in place for restricting fraudsters. Furthermore, they can authenticate shippers, the general public, contractors, carriers, and other types of passengers in real-time. While combining facial recognition, liveness detection, and remote bookings, ID verification helps conveyance companies to validate transactions along with performing ongoing monitoring.