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Associated Press
2 days ago
- Business
- Associated Press
Mastercard Economics Institute: Circular Fashion Is Sew on Trend
Mastercard Economics Institute Secondhand, pre-loved, pre-owned, upcycled – no matter the stitch or state, the circular fashion market is gaining popularity, according to the Mastercard Economics Institute. Shoppers are increasingly choosing circular items across price points, driven by savings and environmental benefits. Increasing its relevance, the market may be more immune to policy and global trade impacts since new product creation is not involved, a key element that could further fuel consumer appeal. In addition to gaining market share, circular fashion has different seasonality trends than the broader retail space and is concentrated in cities. Using aggregated and anonymized Mastercard data, these spending trends and impacts are explored in more detail as a key part of the online apparel sector. Read the full report from the Mastercard Economics Institute Follow along Mastercard's journey to connect and power an inclusive, digital economy that benefits everyone, everywhere. Visit 3BL Media to see more multimedia and stories from Mastercard
Malay Mail
23-05-2025
- Business
- Malay Mail
New Mastercard report helps tourists identify high-risk travel services
BANGKOK, May 21 — A new report by the Mastercard Economics Institute has flagged Thailand's capital city as a higher-risk destination for tourists compared to others like San Francisco and Dublin, particularly for fraud involving taxis and car rentals. These two services account for a staggering 48 per cent of all reported fraud cases in the city. "Once payment is made, the tour may never materialise or may differ entirely from what was advertised,' the Mastercard Economics Institute said in its study on 2025 travel trends released May 15. The study, which has been widely covered by global outlets including US broadcaster CNBC, paints a troubling picture of the global tourism industry. It identifies travel-related services such as tour packages and agency bookings as four times more likely to be involved in fraud compared to other sectors. During peak holiday periods, fraud rates at popular destinations surged by more than 18 per cent in summer hotspots and up to 28 per cent in winter destinations. David Mann, Mastercard Economics Institute's chief economist for Asia Pacific, noted that the type of scams tourists face can vary significantly depending on the city. 'In some destinations, you might find that most fraud originates from the travel sector and tour companies, while in other cities, fraud might occur in other businesses, such as food services,' he said. He cited Los Angeles as an example, where food-related businesses saw the highest fraud incidence. The Mastercard report also highlighted that hotel booking scams were more common in Phuket, Thailand, and Antalya, Turkiye. In contrast, cities with the lowest fraud reports include San Francisco in the US; Dublin in Ireland; Seoul, South Korea; Budapest in Hungary; and Edinburgh in Scotland. Cancun in Mexico, Hanoi in Vietnam, Dhaka in Bangladesh, and Bangkok also saw higher travel-related fraud in comparison to those cities. The report revealed that taxi and rental-related fraud is far less common in places like Hong Kong and Barcelona, Spain, where such scams accounted for just 2 per cent of reported cases. But in Jakarta, Indonesia, the figure spikes to 66 per cent, mirroring Bangkok's own high rate of 48 per cent. Mastercard's findings suggest that while travel opens up new experiences, it also opens up opportunities for fraudsters.
Associated Press
21-05-2025
- Associated Press
Mastercard Recommends These Cybersecurity Tips for a Stress-Free Vacation
Mastercard For many people, when vacation time comes, anxiety ramps up, not down. Is three hours enough time to get to the airport three miles away? Did you pack your earbuds? Did you pack your back-up earbuds? Your back-up back-up earbuds? Is the tip included in the service charge? Is the service charge the same thing as a cover charge? Does sunscreen come in 1,000 SPF? This is precisely the mental state that scammers seek to exploit — when we're overwhelmed, distracted and on the move. From fake confirmation links to bogus guided tour offers that require pre-payment to manipulated photos of vacation rentals to hidden fees, the travel industry is a known target for fraudsters and is among the most susceptible to attacks, according to an analysis by the Mastercard Economics Institute —with the fraud rate in travel-related industries experiencing more than twice the median fraud rate across all sectors. In fact, a new global Mastercard Economics Institute report on travel based on aggregated and anonymized transaction data reveals that reported fraud rates increased by more than 18% at popular summer destinations in warm periods and more than 28% during the cold season at winter destinations. So as summer travel season gets underway, I asked Mastercard's cybersecurity experts for tips on protecting my money, my data and my identity before I leave and while I'm on the go. 01Book on reputable websites When booking your flights, hotels or experiences abroad, interact only with reputable, established vendors. Before you snag yourself a deal, read the reviews and examine their site to ensure it is secure. Make sure the company you are booking with has a phone number or physical mailing address that you can verify before you proceed. 02Use your own device and secure Wi-Fi networks Never book or shop on a device you don't own, or on public Wi-Fi networks, such as those in airports, train stations or cafés. Keep in mind that your information and financial accounts may be at risk if you use an unsecure network. Use your mobile data or, better yet, wait until you can use your home network. And keep your devices' operating systems up to date — they contain critical security updates that protect you from vulnerabilities. 03Know your rights Check what travel benefits and insurance you have in place for your booking and while you are abroad, via your bank or your credit card provider. Familiarize yourself with the chargeback process. This can help prepare you for when you find yourself in a tricky situation — for example, if there are fraudulent or unauthorized charges on your account, damaged or defective goods or incorrect charges. It can help to preregister your trip location and dates with your credit card provider to ensure they know the purchases you make while away are not flagged as suspicious. 04Protect your tech Setting up multifactor authentication — a combination of a unique, hard-to-guess passcode and biometrics like your face or fingerprint — means that if your passcode is compromised, fraudsters won't be able to meet the second authentication requirement, which stops them from gaining access to your accounts. In addition, pack a charging cord with a traditional plug. USB and USB-C cables can transfer data, which could occur when you plug the cable into a public USB/USB-C port. Using a traditional plug removes the risk of data transfer. 05Back up to the cloud and carry hard copies Set your phone or device so that data is backed up to the cloud: If you lose your device, you will still be able to access your travel documentation. As an extra precaution, carry hard copies of all your travel documents. Take a photo of the inside of your passport, especially the bar code, which will help if you need to request a replacement when traveling. 06Know your card's PIN and check contactless limits Knowing your credit card and daily debit card limits and PINs can help make travel easier. The PIN assigned to your card is required at ATMs and at some payment terminals abroad. Some countries also have limits on how much you can spend per contactless transaction. 07Set up account alerts Setting up alerts can help you monitor your accounts easily and quickly identify transactions that you don't recognize. Should you suspect fraudulent activity, contact the financial institution that issued your card immediately. 08Have multiple payment options Keep an alternate form of payment in a different bag in case your wallet is lost or stolen. Add your eligible debit and credit cards to a digital wallet so you can pay with your mobile device wherever digital payments are accepted — in stores, online and in apps. 09Don't overshare Avoid posting your location or travel agenda on social media. Sharing these details allows potential thieves to keep track of where you are, making it easier for them to time a crime. The same goes for your out of office email message — be careful which personal details you share, as it could prove useful to fraudsters. 10Report your lost card quickly If your debit or credit card is lost or stolen while you're traveling, report it to your bank right away. If you previously added your card to a digital wallet and you are still in possession of your device, your card issuer may be able to update your digital wallet with your new card information so that you can continue using it while you wait for your new card to arrive. This story was originally published July 1, 2024 and has been updated to reflect new research on travel fraud and fresh tips. Originally published by Mastercard Follow along Mastercard's journey to connect and power an inclusive, digital economy that benefits everyone, everywhere. Visit 3BL Media to see more multimedia and stories from Mastercard
Malay Mail
21-05-2025
- Business
- Malay Mail
Bangkok, Cancun and Hanoi top global list for tourist scams, Mastercard study finds
BANGKOK, May 21 — A new report by the Mastercard Economics Institute has flagged Thailand's capital city as a high-risk destination for tourists, particularly for fraud involving taxis and car rentals. These two services account for a staggering 48 per cent of all reported fraud cases in the city. 'Once payment is made, the tour may never materialise or may differ entirely from what was advertised,' Mastercard Economics Institute said in its study on 2025 travel trends released May 15. The study, which has been widely covered by global outlets including US broadcaster CNBC, paints a troubling picture of the global tourism industry. It identifies travel-related services such as tour packages and agency bookings as four times more likely to be involved in fraud compared to other sectors. During peak holiday periods, fraud rates at popular destinations surged by more than 18 per cent in summer hotspots and up to 28 per cent in winter destinations. David Mann, Mastercard Economics Institute's chief economist for Asia Pacific, noted that the type of scams tourists face can vary significantly depending on the city. 'In some destinations, you might find that most fraud originates from the travel sector and tour companies, while in other cities, fraud might occur in other businesses, such as food services,' he said. He cited Los Angeles as an example, where food-related businesses saw the highest fraud incidence. The Mastercard report also highlighted that hotel booking scams were more common in Phuket, Thailand, and Antalya, Turkiye. In contrast, cities with the lowest fraud reports include San Francisco in the US; Dublin in Ireland; Seoul, South Korea; Budapest in Hungary; and Edinburgh in Scotland. Among the cities with the highest fraud complaints were Cancun in Mexico, Hanoi in Vietnam, Dhaka in Bangladesh, and Bangkok. The report revealed that taxi and rental-related fraud is far less common in places like Hong Kong and Barcelona, Spain where such scams accounted for just 2 per cent of reported cases. But in Jakarta, Indonesia the figure spikes to 66 per cent, mirroring Bangkok's own high rate of 48 per cent. Mastercard's findings suggest that while travel opens up new experiences, it also opens up opportunities for fraudsters.
Independent Singapore
14-05-2025
- Business
- Independent Singapore
Asia dominates summer travel, Japan and currency swings fuel tourist frenzy
ASIA-PACIFIC: According to the latest report by the Mastercard Economics Institute, which CNBC published, Asia is the pounding heart of international travel this season, as over half of the world's top 15 emerging destinations are in the region. In the report, summer flight bookings from 2024 and 2025 have been compared, and destinations undergoing the most substantial growth in the vacation and leisure industries have been identified. Tokyo, Japan's capital, trailed closely by Osaka, landed in the top two spots on the list. Tokyo was the most visited city in the world last year, driven to some extent by the declining yen, making Japan a more inexpensive destination for transnational tourists. Paris is in third place, but the report stated that the French capital's position mirrors a drop in visits due to the 2024 Summer Olympics, which characteristically raised prices and discouraged leisure travellers. Fourth was Shanghai, with Beijing, Seoul, and Singapore also securing places in the top 10, together with Spain's Palma de Mallorca and Madrid, and Brazil's Rio de Janeiro. Lesser-known Asian capitals like Nha Trang in Vietnam and Fukuoka in Japan also ranked 11th and 13th, respectively. Currency variations influence travel choices in Asia The Mastercard report also emphasized the evident power of currency volatility on travel preferences, mostly from Asian tourists. For example, a tiny 1% devaluation of the Japanese yen resulted in a 1.5% increase in visits from central China. Yet, similar changes had an insignificant impact on tourists from countries like Germany and France. While the yen has regained some strength lately, now pegged at 147.98 to the U.S. dollar, it is still a major influence in attracting budget-conscious holidaymakers, especially those from Asia. This type of impact is far more noticeable among Asian tourists than those visitors from countries like the UK, where currency fluctuations have little bearing on travel plans. Analogous patterns were detected with the U.S. dollar. A weakening in value resulted in visible surges in trips to the United States from countries like Singapore, Taiwan, India, and South Korea. However, British tourists once more showed themselves invulnerable to such swings. Middle East rises Beyond Asia's outpouring, the report also depicted larger international changes. Middle Eastern trekkers are gradually choosing expeditions to Asia, principally in Thailand. Bangkok and Phuket exhibited the highest growth in summer reservations from Middle Eastern tourists, with New York also making it in the top three. In the meantime, economic and political undercurrents are restructuring travel movements ahead of the 2025 season. For instance, Saudi Arabia is profiting from its economic modification initiatives, attracting more business and leisure holidaymakers to cities such as Jeddah and Riyadh.
