Whitepaper from UTA – Fuel card misuse: Understanding the dangers and how to protect yourself
The use of fuel cards is increasing rapidly around the world. According to Allied Market Research, the size of the global fuel card market – valued at US$672 billion in 2019 – will nearly double by 2027. The advantages of fuel cards for fleet managers and drivers are obvious: more security and convenience through cashless transactions; better transpar-ency and easier administration through clear invoicing; favourable conditions; and mobility services that go beyond fuel purchases. But with the increasing adoption of fuel and service cards also comes a higher risk of fraud. From 2019 to 2020 alone, the number of fuel card fraud cases increased noticeably.
For transportation companies, fuel card fraud poses a serious financial threat. Fuel is one of their largest expenses and can account for up to 30% of a fleet’s running costs. Therefore, the misuse or theft of fuel cards can lead to significant financial losses.
“The security of fuel cards and transactions are critical for mobility service providers today,” says Carsten Bettermann, CEO of UTA, one of the leading providers of fuel and service cards in Europe and part of the Edenred Group. “Through our products, services and processes, we are committed to protecting our customers against current and emerging forms of fraud.”
UTA’s in-house fraud detection and card security team helps keep UTA customers and partners safe through activities ranging from fraud prevention and detection to supporting prosecution efforts. The mobility service provider also works closely with national and international law enforcement agencies and security organisations and cooperates with professional associations. This is complemented by partnerships with specialist external service providers such as The ai Corporation, an artificial intelligence-based payment security and transaction monitoring system, with which UTA works for automated, algorithm-based fraud detection.
UTA has consolidated its own security findings, experiences and best practices in its “Mind the trap: Fuel card fraud and how to prevent it” white paper. In it, UTA security experts provide insight into the different methodologies used by fraudsters, highlight high-risk regions within Eu-rope, and explain how to prevent fraud and what action to take if you fall victim to it.
Equipped with knowledge from the UTA white paper, fleet managers and drivers can more effectively counter the threat of fuel card fraud and thus limit the financial impact on their company.