When it comes to your company’s fuel card, misuse and fraudulent activities can occur, especially when your company's vehicles are away from the job site. This type of fraud coupled with the high cost of fuel, can lead to significant financial losses. To protect yourself from suspicious activities involving fuel card fraud, it’s important to be aware of red flags and warning signs, for example:
· Excessive fuel purchases,
· Irregular transaction patterns,
· Fuel purchases outside of designated filling locations or after work hours.
Regular monitoring and analysis of fuel card usage can help detect and address a potential fraud scheme early on. On the bright side, some companies offering fuel cards claim theirs can:
· Integrate with your telematics provider providing real-time analysis and monitoring,
· Block transactions when your vehicle isn’t at the pump,
· Allows only the driver to purchase fuel equal to the tank capacity,
· Sends alerts when purchased fuel doesn’t enter the assigned vehicle.
Ipsen Due Diligence works with construction companies that experience vendor fraud as well as significant financial losses at the gas pump.
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