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How To Protect The Hospitality Industry From The Growing Fraud Threat
Cybercriminals target various industries, such as healthcare, banking and e-commerce platforms, to steal sensitive information and commit fraud in other industries, including hospitality. Synthetic identity fraud, a type of identity theft, is becoming a significant concern for the hospitality industry. Criminals use a combination of real and fake information to create a new identity that can be used to open bank accounts, apply for loans and make purchases, effectively laundering the data and converting it into a reward. Synthetic identity fraud accounts for 80% to 85% of all identity fraud losses in the US, making it the fastest-growing type of identity theft.