Latest news with #MastercardEconomicsInstitute


The Star
26-05-2025
- The Star
As summer travel season heats up in Vietnam, experts issue warnings against online scams
HANOI: As Vietnam enters its golden summer travel season, domestic tourism is ramping up with an array of new experiences and enticing promotions. Alongside the excitement, however, experts are urging travellers to remain vigilant against increasingly sophisticated online scams targeting holidaymakers. While travel goals and preferences have evolved, Vietnam's summer holiday hotspots remain familiar. According to which analysed domestic search data from June 1 to July 31, 2025, up to 61 per cent of Vietnamese families are choosing beach destinations, followed by 59 per cent seeking nature experiences, and 45 per cent opting for city explorations. Top domestic destinations include Danang, Nha Trang, Dalat, Phu Quoc and Vung Tau. For outbound travel, Singapore, Tokyo and Bangkok continue to be the most searched international cities, marking their second consecutive year on the list. Major travel agencies are rolling out flexible and proactive strategies to meet seasonal demand. Meanwhile, the travel sector is embracing digital transformation, incorporating smart maps, QR-based tour guides, virtual assistants and AI-personalised itineraries—designed to give tourists more autonomy and a seamless, emotionally rich travel experience. Provinces and cities are also working to refresh their tourism offerings. Hanoi has introduced night food and art tours; Hanam opened a Sun World water park with evening hours; Hai Phong launched the 'Green Island Symphony' art show and high-end Hoa Phuong Do cruise service; Quang Ninh is hosting the 'Ocean Dance' night performance; Sa Pa continues its Rose Festival; Hue celebrates its Summer Festival, and Danang returns with the International Fireworks Festival. A survey by the Mastercard Economics Institute ranks tourism among the sectors most vulnerable to scams, with fraud cases rising 18 per cent in summer and 28 per cent in winter of 2024. The cities where travellers faced the highest risk included Cancun (Mexico), Hanoi, Dhaka (Bangladesh), and Bangkok (Thailand). In contrast, destinations rated safest by tourists were San Francisco (USA), Dublin (Ireland), Seoul (South Korea), Budapest (Hungary) and Edinburgh (Scotland). According to the report, scams typically involved tour companies and travel agents, with travellers paying for trips that were later altered or cancelled without warning. Other common traps included rental car fraud, overpriced or rigged taxi services, fake airline or train tickets, hotel booking scams and being ripped off at souvenir shops. Online fraud schemes have become increasingly complex and widespread. A marketing executive from a leading global resort brand operating six properties in Vietnam revealed that the company had dealt with around 170 fake fanpages impersonating their brand. Alarmingly, these fraudulent pages continue to emerge even after takedowns. Some are so sophisticated that they even bear verified checkmarks, making them nearly indistinguishable from the official pages and easily deceiving unsuspecting users. According to the Vietnam Cybersecurity Association, online scams caused an estimated VNĐ18.9 trillion (approximately $760 million) in losses across Vietnam in 2024 alone. A significant portion of this involved scammers creating fake travel brand fanpages, impersonating hotels, airlines and tour operators, often pushing heavily discounted tours, airfares, or hotel packages to lure victims. The scams typically operate via Facebook, Zalo and sometimes TikTok, where fraudsters ask customers to transfer deposits, then disappear—often by blocking communication or deleting the page. Others use phishing links to steal personal data and OTP codes, enabling unauthorised bank withdrawals. These schemes exploit users' desire for cheap deals, lack of travel experience and overconfidence. Scammers are increasingly adept at mimicking legitimate marketing tactics. Experts recommend several ways to differentiate real from fake fanpages, even those with verification checkmarks. Authentic pages have an accurate brand name, a long post history, polished content and contact information matching the official website. Fake pages are often newly created, contain poor grammar, and lack detailed contact info. They may also have recently changed names or repurposed from unrelated pages. Search via official websites, not by typing the page name on Facebook. Fake fanpages often pay for ads to appear at the top of search results. Scammers may run Google Ads to place fake websites at the top of search rankings, increasing the likelihood of users clicking into scam pages. Travellers are encouraged to stay alert, verify every detail and report suspicious activity to help protect themselves and others during the peak travel season. — Vietnam News/ANN


Daily Express
23-05-2025
- Business
- Daily Express
Bangkok among cities with more reported fraud incidents compared to lower-risk destinations
Published on: Friday, May 23, 2025 Published on: Fri, May 23, 2025 By: The Nation, ANN Text Size: In Bangkok, specifically, the report pinpoints taxi and car rental services as the primary areas where tourists encounter the most fraudulent activity. - Bernama pic for illustration only BANGKOK: Transactions in the Thai capital are more likely to encounter fraud compared to global cities like San Francisco, Dublin, Seoul, Budapest, and Edinburgh, which report notably lower rates, according to a new report from the Mastercard Economics Institute. The report, widely covered by CNBC, highlights the tourism industry as one of the sectors most vulnerable to fraudulent activities, with a substantial uptick in scams observed during peak travel seasons globally. According to the comprehensive study, fraud in travel agencies and tour bookings is more than four times higher than the average across other industries. Separately, the report also notes that reported fraud rates increased by more than 18% at popular summer destinations during warm periods, and a staggering 28% during the cold season at winter destinations. In Bangkok, specifically, the report pinpoints taxi and car rental services as the primary areas where tourists encounter the most fraudulent activity. Problems with taxis and car rentals account for a significant 48% of reported fraud cases in the city. Advertisement "Once payment is made, the tour may never materialise or may differ entirely from what was advertised," the report states, highlighting a common modus operandi. While the risk of being scammed varies greatly from city to city, transactions in Bangkok were more likely to experience fraud-related activities compared to some other destinations. David Mann, Chief Economist for Asia Pacific at the Mastercard Economics Institute, elaborated on these geographical differences. "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. A clear example is Los Angeles, where we found that food businesses were the largest source of certain types of fraud." The report also specifically mentions that Phuket and Antalya (Turkey) see more fraudulent activity related to hotel bookings. Transaction in the Thai capital are more likely to encounter fraud compared to global cities like San Francisco, Dublin, Seoul, Budapest and Edinburgh, which report notably lower rates, according to to a new report from the Mastercard Economics Institute. The nature of scams also differs by location. Issues with taxis and car rentals, for example, account for a mere 2% of reported fraud cases in Hong Kong and Barcelona. However, this figure rockets to 66% in Jakarta, Indonesia, and as noted, a substantial 48% in Bangkok, underscoring the specific challenges faced by visitors to the Thai capital. Fraud within food service businesses is more prevalent in the US and the Middle East, accounting for 63% of reported cases in New York City. This includes instances of restaurants overcharging for meals or stealing credit card information from unsuspecting tourists. Beyond the holiday season itself, the report reveals a worrying trend of increased fraud during the booking stages of travel. Mann noted that fraud related to trip planning has risen by more than 12% over the past year. This includes deceptive practices such as overly-edited photographs, fake booking confirmation links designed to extract bank details, and other elaborate schemes. Mastercard advises travellers to be wary of unusually low prices, particularly those during popular summer periods that seem too good to be true, especially when booking for high-demand destinations with large numbers of tourists. To mitigate the risk of falling victim to scams, tourists are encouraged to utilise digital wallets linked to cashless payment applications such as Apple Pay, Google Wallet, or Samsung Pay, or bank apps. Additionally, purchasing travel insurance and booking trips with credit cards that offer robust fraud protection are recommended measures to safeguard against financial losses. The report also highlights the role of new technologies, such as tokenisation, in bolstering payment security. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia

Straits Times
23-05-2025
- Business
- Straits Times
Bangkok among cities with more reported fraud incidents: Mastercard study
Problems with taxis and car rentals account for a significant 48 per cent of reported fraud cases in Bangkok. PHOTO: AFP Transactions in the Thai capital are more likely to encounter fraud compared to global cities like San Francisco, Dublin, Seoul, Budapest, and Edinburgh, which report notably lower rates, according to a new report from the Mastercard Economics Institute. The report, widely covered by CNBC, highlights the tourism industry as one of the sectors most vulnerable to fraudulent activities, with a substantial uptick in scams observed during peak travel seasons. According to the comprehensive study, fraud in travel agencies and tour bookings is more than four times higher than the average across other industries. This alarming trend is exacerbated by the fact that reported fraud rates increased by more than 18 per cent at popular summer destinations during warm periods, and a staggering 28 per cent during the cold season at winter destinations. In Bangkok, specifically, the report pinpoints taxi and car rental services as the primary areas where tourists encounter the most fraudulent activity. Problems with taxis and car rentals account for a significant 48 per cent of reported fraud cases in the city. 'Once payment is made, the tour may never materialise or may differ entirely from what was advertised,' the report states, highlighting a common modus operandi. While the risk of being scammed varies greatly from city to city, Bangkok finds itself in an unwelcome league. Mr David Mann, chief economist for Asia Pacific at the Mastercard Economics Institute, elaborated on these geographical differences. '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. A clear example is Los Angeles, where we found that food businesses were the largest source of certain types of fraud,' he said. The report specifically mentions that Phuket and Antalya, Turkey, see more fraudulent activity related to hotel bookings. Mastercard's data indicates that travellers reported the lowest rates of fraud in San Francisco, Dublin, Seoul, Budapest and Edinburgh. Conversely, cities where travellers reported a high incidence of fraud include Cancun, Hanoi, Dhaka and, notably, Bangkok. The nature of scams also differs by location. Issues with taxis and car rentals, for example, account for a mere 2 per cent of reported fraud cases in Hong Kong and Barcelona. However, this figure rockets to 66 per cent in Jakarta , and as noted, a substantial 48 per cent in Bangkok, underscoring the specific challenges faced by visitors to the Thai capital . THE NATION/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.


Indian Express
22-05-2025
- Business
- Indian Express
Where to travel this summer: Top 10 trending global destinations in 2025
Top 10 trending global destinations in 2025: Summer 2025 is here, and travellers globally are keen to explore new destinations! As global tourism rebounds – reaching 99 per cent of pre-pandemic levels – many destinations have now surpassed their 2019 figures, with around 1.4 billion international tourists recorded worldwide last year. Leading the travel surge is the Asia-Pacific region, which dominates the charts with eight of the world's top 15 trending summer destinations, according to the latest Mastercard Economics Institute (MEI) report. Japan takes the spotlight this year, with Tokyo rising to the #1 spot, up from second last year, and Osaka following closely at #2. The spike in tourism is largely attributed to Japan's long-term currency depreciation, making it a more affordable destination for international travellers this summer. Vietnam's beachside city Nha Trang has made a surprise debut at #11, drawing attention for its coastal charm and buzzing nightlife. Meanwhile, Iceland's capital Reykjavik, famed for the Northern Lights, has emerged at #12 as an unexpected favourite. The MEI used flight booking data from Official Airline Guide (OAG) through March for travel between June and September, comparing each destination's current share to its 2024 levels to highlight notable shifts in travel preferences. The top ten highest-trending destinations, or those with the greatest relative growth in travel, are listed below. Source: Mastercard Economics Institute The Chinese mainland retained its status as the largest outbound travel market worldwide, with its tourists increasingly seeking value-oriented and visa-accessible destinations such as Japan, Malaysia, and Singapore. Last year, India recorded the highest number of outbound travellers in its history, exploring diverse destinations. Abu Dhabi, Hanoi, and Bali are among the most popular destinations due to new direct flight options and a rapidly expanding middle class eager to travel, the report said. Cherry Gupta is an Assistant Manager - Content at The Indian Express. She is responsible for crafting compelling narratives, uncovering the latest news and developments, and driving engaging content based on data and trends to boost website traffic and audience engagement. One can connect with her on LinkedIn or by mail at ... Read More


The Star
22-05-2025
- Business
- The Star
Top city for tourist fraud
Holiday-makers planning trips to Bangkok and other popular Thai destinations should exercise significant caution, as a new report from the Mastercard Economics Institute has identified the Thai capital as a city where tourists are highly susceptible to fraud. The report, widely covered by CNBC, highlights the tourism industry as one of the sectors most vulnerable to fraudulent activities, with a substantial uptick in scams observed during peak travel seasons. According to the comprehensive study, fraud in travel agencies and tour bookings is more than four times higher than the average across other industries. This alarming trend is exacerbated by the fact that reported fraud rates increased by more than 18% at popular summer destinations during warm periods, and a staggering 28% during the cold season at winter destinations. In Bangkok, specifically, the report pinpoints taxi and car rental services as the primary areas where tourists encounter the most fraudulent activity. Problems with taxis and car rentals account for a significant 48% of reported fraud cases in the city. 'Once payment is made, the tour may never materialise or may differ entirely from what was advertised,' the report states, highlighting a common modus operandi. While the risk of being scammed varies greatly from city to city, Bangkok finds itself in an unwelcome league. David Mann, chief economist for Asia Pacific at the Mastercard Economics Institute, elaborated on these geographical differences. '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. 'A clear example is Los Angeles, where we found that food businesses were the largest source of certain types of fraud,' Mann said. The report specifically mentions that Phuket and Antalya, Turkiye, see more fraudulent activity related to hotel bookings. Mastercard's data indicates that travellers reported the lowest rates of fraud in San Francisco, Dublin, Seoul, Budapest and Edinburgh. — The Nation/ANN