When it comes to gift-giving, no matter the occasion or holiday, it can be beneficial to have a plan in place so that you’re not feeling overwhelmed. Because let’s be honest gift giving can be stressful. Even though it might seem tedious, planning your gifts helps you stay organized, keeps you within a budget, and enables you to give something that’s meaningful to the people in your life.
There are different ways to approach gift planning. Do you rely on gift guides to curate ideas? Do you take mental or actual notes when a person you care about makes a passing comment about something they like? Do you purchase items based solely on a budget? Do you like DIY gifts? What about tangible versus experiential versus gift card? You get the idea. There’s no wrong way to go about it! But, planning and mapping out what your budget is, who you need to buy for, and what you want to give makes the process less daunting and more fun.
Building a fraud prevention strategy can be approached in the same way. You need to plan and be thoughtful about it. There are different ways to build the plan, but the end goal should be the same. You want to reduce fraud and chargebacks at your hotel, property management company, or across your brand. According to Forter’s 8th Edition of their Fraud Attack Index, hotels saw a 109% increase in fraudulent activity between 2018 – 2019. Not having a fraud prevention strategy leaves you vulnerable to fraudsters so it’s good to start thinking about developing a plan. Keep reading to learn more about why hotels should have a fraud strategy, the types of payment fraud that can occur at your hotel, and the differences between them.
The following excerpt comes from the piece How to Protect Your Hotel from Payment Fraud and Chargebacks. If you’re interested in reading more, you can download the guide.