Imagine a world of thrilling exploration, mouth-watering cuisines, and fulfilling bucket-list adventures, where all travelers have to worry about is having a great time.
This is the journey that GetYourGuide, a global experiences platform, invites travelers to explore with its online marketplace for things to do.
Driven by a passion for growth and innovation, GetYourGuide set its sights on global expansion. However, they encountered a challenge: combating fraud with manual rules proved time-consuming and ineffective, jeopardizing revenue and customer satisfaction.
To overcome this hurdle, they turned to Adyen's fraud prevention solution, RevenueProtect, powered by machine learning. RevenueProtect is part of a suite of products that utilizes ML to drive full-funnel optimization from checkout to settlement, improving revenue and reducing costs. The result? Fraudsters detected and blocked, and non-fraudulent transactions accepted with ease – all while keeping authorization rates intact.
We spoke to Arjun Muralidharan, Group Product Manager, FinTech, at GetYourGuide to discuss their expansion challenges and how machine learning proved to be a more effective solution to fraud.
Managing fraud trends during business expansion
GetYourGuide recognized the pivotal role of automation and machine learning in its expansion. Given travel experiences are still a largely offline business, GetYourGuide is working to drive digitization across the industry, helping its 16,000+ experience creators bring their offline businesses online.
Arjun says, ‘’When you think about finding travel activities, many people still rely on hotel concierges or walking by kiosks when on holiday. Our app places an entire marketplace of things to do around the world right in the palm of your hand.’’
With an impressive array of over 75,000 activities available on their app, GetYourGuide continued to scale and adapt to the ever-changing market demands.
As they grew and ventured into new markets, the challenge of keeping up with ever-evolving fraud trends emerged. Fraudsters, constantly innovating, required an equally agile approach to counter their tactics. Relying solely on static rules worked but wasn’t enough to keep up. Each market necessitated specific rules, demanding significant time and resources and hindering their ability to keep pace with fraudsters' expertise.
From static rules to machine learning
To help them combat fraud with the latest technology, GetYourGuide’s FinTech team sought out new solutions and turned to the power of ML with Adyen’s RevenueProtect. ML automated a sizable part of the process, giving them more time to focus on improving customer experiences and less time on creating static rules. It allowed them to swiftly adapt to complex and ever-changing fraud patterns and spend more time on specific fraud cases.
Unlike static rules, ML reduces the risk of blocking legitimate customers and accepting fraudsters. GetYourGuide experienced 18 times better accuracy using ML compared to static rules, blocking 6 times fewer non-fraudulent transactions.
Activating RevenueProtect across regions
Even though the overall results were positive, they realized that the initial performance varied across regions, some regions had better results, and some had insignificant increases in acceptance rates and no change in chargeback rates.
Arjun continues, ‘’Luckily, using the Experiment feature in Adyen’s RevenueProtect, we performed A/B tests and reported all underperforming regions to Adyen. Doing so over the course of 2022, working together with Adyen, all underperforming regions had updated data models, and more time to mature, resulting in positive results for all regions by the end of 2022.’’
Their partnership with Adyen enabled GetYourGuide to fulfill their ambitions. Witnessing the continuous enhancement of RevenueProtect over the years, they activated it for all regions, achieving resounding success by mid-2023. Arjun says, ‘’As a user of Adyen’s RevenueProtect over the years, we have seen the evolution of this product over time, with continuous added value’’. A recent example of an addition to RevenueProtect is the new rule builder that helps users build risk rules while reducing manual effort.
Thanks to the positive performance results they experienced with RevenueProtect, they decided to activate it for all regions. Arjun adds, ‘’As soon as we came back to the office in January 2023, we couldn’t wait to turn ML live 100% for all regions, and as of the mid of 2023, we can look behind at all the work that went into the transition to say, it was a huge success.’’
GetYourGuide’s fraud and risk management strategy focuses more on letting good customers have great experiences via their platform. They call this customer enablement. Their fraud prevention strategy isn’t only about protecting themselves but also their suppliers, such as tour operators. By using ML to prevent fraud, they also reduce the risk of fraud impacting their suppliers.
Access the latest technology
Empowered by Adyen's cutting-edge technology that gives digital enterprises a competitive edge to support effortless online payments at scale, they embark on a journey of continuous innovation, promising memorable and worry-free experiences to travelers worldwide. Arjun says, ‘’Adyen sets a high standard. We have a shared mission of customer centricity. When it comes to global payments, Adyen’s approach to direct local payments, instead of being a connector to existing local payment providers, also sets it apart.”
Fortified by Adyen's RevenueProtect in bolstering its fraud defenses, GetYourGuide is setting a new standard of excellence in the travel industry and presenting its travelers with exceptional and memorable experiences.