Evaluating Current and Emerging Technologies in Fraud Prevention for Hotel Financial Systems

Abstract

This study investigates how well current and new fraud prevention technology works in hotel accounting systems. It also identifies the leading difficulties and makes practical recommendations in an effort to improve fraud control in the hotels. As the hospitality sector faces a threat from financial fraud, hotels need to protect their income using supply chain solutions. This is because fraudsters are exploiting the hospitality industry's complex nature and many firms offer security. The study employs a mixed-method approach that includes insights from questionnaire responses and interviews. The document review has also ensured better clarity on existing fraud prevention practices and technologies being used to mitigate fraud in hotels. Many hotels are adopting fraud detection technology, the findings reveal. The study also lays out some vulnerability like slow response rates for detecting threats real-time, difficulties in integration with pre-existing finance systems, and inconsistency in observance to security policies by employees in the hotels, among others. New technologies like blockchain, AI fraud detection and biometric identification are also considered relevant to fraud prevention in hotels. The high prices and rules are making the use of the method hard and limited. Research indicates all-encompassing training of personnel and efficient enforcement of security measures, as well as embedding end-to-end fraud prevention frameworks in the hotel system should be totally integrated and transparent. highlights the increasing utility of customised cyber insurance as well as the importance of basically enhancing existing offline fraud prevention.