Monica Eaton Discusses COVID-19 Risks for the Travel Industry
In a new interview for Card Not Present®, Chargebacks911® COO and Co-Founder Monica Eaton speaks to why the travel industry should expect a boom in chargebacks as a result of COVID-19.
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The coronavirus outbreak is affecting every sector of the global economy. But, as Monica explains, the travel and entertainment industries face the greatest challenges.
“There are travel bans in place across the globe, some of the tightest border restrictions we’ve ever seen in peacetime, and ghost flights taking off without passengers—who have either chosen to stay at home or have been forced to,” she says. “This all equates to an inevitable influx of chargebacks for travel operators and airlines as consumers go through their bank to claim their money back.”
Monica expects a potential increase in chargeback filings of up to 50% for travel merchants in the coming weeks. Businesses need to step up now to ensure they’re ready for the upheaval.
“We advise taking a holistic approach and analyzing chargeback data to understand where they are coming from. This way they can begin mending unsuitable business practices throughout the payment journey, mitigating chargebacks that stem from merchant error and can begin identifying instances of friendly fraud.”
