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Fuel costs are one of the biggest expenses when it comes to fleet management, which makes it one of the first places that you might want to cut down on or manage spending. Many fleet lines do this by using fuel cards to help keep track of and limit fuel spending for truckers. Although they can be a great tool to use, there are risks associated with them, such as fuel card fraud. Understanding your fuel cards’ security features can help you notice these frauds in a timely manner and hold your drivers accountable.
Common Types of Fuel Card Fraud
There are multiple types of fuel card fraud that can take place, and understanding these fraud types can help you recognize and be aware if they are happening in your trucking lineup. Here’s a look at some of the most common types of fuel card fraud:
Card Skimming
This is a term that many might know because it can be done not only to fuel cards, but to any card, such as your debit or tarjetas de crédito. The way this works is by attaching a skimming device to fuel pumps, which helps to capture the information of the card, which can then be used to make purchases without the need for the card in hand. This can happen virtually anywhere, but gas stations and pump stations are some of the most common places where this happens.
Unauthorized Purchases
This is when truckers add unauthorized purchases to their fuel transaction or take more fuel for themselves in outside containers. This is also called “transaction padding,” and it can be extremely difficult to recognize without proper reporting on these transactions.
Hacking
Hackers are able to hack into the account and get access to your fuel card by stealing passwords, sending phishing emails, or gaining access via weak login credentials. This is like any other hacking attempt on any other account, and once they’re able to get into the account, they can take over full access by changing the account information and passwords to get full control and lock out the true owner of the account.
Lost or Stolen Cards
Things happen, but losing a card or getting a card stolen could lead it to end up in the wrong hands. If this happens, the person can make unauthorized purchases on the card and without reporting this right away, those transactions can rack up fairly quickly.
Security Features of Fuel Cards You Need To Know
There are security features put in place for refuel cars to prevent many of these common frauds from happening. Knowing exactly what features are on your card can help you to take advantage of any issues ahead of time and get to the bottom of any suspicious behavior you see, or prevent it from happening at all.
Driver ID Authentication: You can have the cards only accessible to drivers who have a unique ID or establish a unique PIN number for the fuel cards can ensure that no one else will have access to it.
Control Purchases: You can set limits on the card for fuel types, purchase frequency, and dollar amounts. You can also restrict anything that isn’t fuel from being purchased with the card, preventing unauthorized purchases from happening.
Transaction Monitoring: Monitoring transactions in real-time is a great wya to see exactly what is happening, how often, when, and what is being purchased by your drivers. This helps you to notice any suspicious behavior sooner rather than later.
Card Locking and Deactivation: You can have the ability to lock the card or deactivate it from your location in real-time to prevent the use of that card further if you see any activity you don’t approve of or if it’s reported that someone else has stolen or hacked the card.
Detailed Reporting: Reporting and analytics are in line with transaction monitoring as it can show you frequency, locations, amounts, and more information about the transactions happening with that card to make it easier to spot fishy behavior.
How Can You Ensure Fuel Card Security?
There are many different ways to ensure fuel card security, but it starts from within your company. The first thing you should consider doing is having a training for your staff on fuel card usage, what’s allowed, and how to report any issues, such as hacking or stolen/lost cards. You should also review account statements very frequently to ensure that if anything does happen, you’re catching it early on. It’s also smart to update/change PINS and login information frequently to avoid compromised information.
How TBS Factoring Supports Fuel Card Safety
TBS Factoring is here to help you every step of the way in your fleet business, including with fuel cards. We offer fuel cards to your staff, and we also have a whole line of security features within them, so you can give them to your staff with confidence. Here’s a look at what security features we have with TBS Factoring fuel cards:
- PIN Protection
- Authorized Products and Services
- Custom Spending Limits
- Real-Time Monitoring and Reporting
- TBS Fuel Finder
- Fuel Advance Program
- Mobile App Security Features
TBS Factoring Fuel Card Security for Your Fleet
If you are looking for a factoring company that’s here to support you with all of the main factoring abilities, as well as fuel cards, then we are here for you. We understand the importance of keeping track of the money going out of your business and we know that fuel cards can be a powerful tool to keep track of that. With that said, we offer a lineup of security features within our TBS Factoring fuel cards that can keep your fleet running smoothly while avoiding any fraud that could hurt your business. Póngase en contacto con nosotros today to learn more about our factoring services and fuel card services so we can get you set up immediately with TBS today!
