Fuel card fraud can be a growing concern for many businesses that rely on fuel cards to manage their fuel expenses. It is, therefore, increasingly critical for businesses to take proactive measures to protect themselves. Fuel card fraud can be incredibly costly for businesses. As technology continues to advance, so do the methods that are used to commit fuel card fraud. Fuel card misuse can occur in various ways such as unauthorised purchases, fuel theft, and double dipping. Unauthorised purchases happen when the cardholder uses the fuel card for non-fuel purchases; fuel theft occurs when an individual steals fuel with the fuel card and double dipping happens when the cardholder uses the fuel card to get cash advances.
The following are warning signs which may indicate your fuel card is being used illegitimately:
- Too frequent fuel fill-ups
- Fuel charges don’t match mileage or tank capacity
- Charges from another/inconsistent site location
This, therefore, presents an increasing need for fraud protection services. A solution The Fuel Store provides is Fraud Guard, which can help safeguard your cards from fraud and misuse.
How can The Fuel Store’s Fraud Guard help you?
At The Fuel Store, we understand fuel card fraud is not easy to notice and it can take a while before you notice inconsistencies. This is why we have a simple process to help you deal with potential fraud:
- If you begin to suspect one of your cards is victim to fraudulent activity, contact the customer service team as soon as possible.
- The fuel card in question will be placed on stop to prevent further fraudulent use.
- Following the stoppage, an investigation will be conducted regarding the card’s activity to determine the facts and gather evidence.
- Once the investigation has concluded and sufficient information has been gathered, your account manager will provide you with a detailed report, along with the outcome.
- If you were a victim of fraud, a credit note will be placed on your account. Once we receive payment to cover the fraudulent activity, you be granted a refund within 30 days
What are some of the best practices for fuel card security?
To ensure your fuel card is secure, businesses should implement employee training programs on fuel card use, implement a fuel card management system and regularly monitor fuel card transactions. Regular monitoring of fuel card transactions is critical for businesses to ensure that there is no fraudulent activity on their fuel card accounts. Similarly, at The Fuel Store, you can contact your personal Account Managers who can give you a breakdown on where your fuel cards were spent on how much providing you with further insight into your fuel card usage.
There are many ways for businesses to be susceptible to fraud use on their fuel cards. Signs of fraudulent use on fuel cards can include too frequent fuel ups, charges don’t match tank capacity and getting charged inconsistently from various locations. There are similarly various techniques that can be employed to mitigate fraud card use such as better training, management systems or transaction monitoring. The Fuel Store provides business with Fraud Guard – a service that covers businesses should fraudulent spending take place on any of their fuel cards.
To learn more or if you’re interested in optimising your protection and security, please contact the team on 0121 272 7780 or alternatively contact our team via email.