For Transport Companies, Fuel Card Abuse is a Threat

The use of fuel cards is continuously increasing. According to estimates from the U.S. market research institute Allied Market Research, the volume of the global fuel card market, which was $672 billion in 2019, is expected to nearly double by 2027. However, with the increasing prevalence of fuel and service cards, the risk of fraud also rises. From 2019 to 2020 alone, the number of fuel card fraud cases has noticeably increased.

(Kleinostheim) The advantages of fuel cards for fleet managers and drivers are obvious: more security and convenience through cashless transactions, greater transparency and easier management through clear invoicing, favorable conditions, and services beyond fuel procurement related to mobility.

For transport companies, fuel card abuse poses a serious economic threat. Fuel is one of their largest cost factors and can account for up to 30 percent of the operating costs of a fleet. Therefore, any misuse or theft of fuel cards can cause significant economic damage.

“The security of fuel cards and transactions is the decisive success factor for mobility service providers,” says Carsten Bettermann, CEO of UTA, one of the leading providers of fuel and service cards in Europe and part of the Edenred Group. “With our products, services, and processes, we are committed to protecting UTA’s customers from both currently known and new forms of fuel card fraud.”

UTA has its own team for fraud detection and card security to make prevention, education, and prosecution of card fraud as effective as possible with in-house expertise, providing customers and partners with the best possible security and support in case of fraud. The mobility service provider also works closely with national and international law enforcement agencies and security organizations and cooperates with relevant professional associations. This is complemented by partnerships with external service providers such as The ai Corporation, a specialist in artificial intelligence-based systems for payment security and transaction monitoring, with which UTA collaborates for algorithm-based, automated fraud detection.

Whitepaper: “Beware of Traps: Fuel Card Fraud and How to Protect Yourself”

UTA has compiled insights, experiences, and best practices from its own security measures in the current whitepaper “Beware of Traps: Fuel Card Fraud and How to Protect Yourself.” In it, UTA’s security experts provide insight into the criminal methods of fuel card fraudsters, highlight risk regions in Europe, explain preventive measures, and describe how to respond quickly and effectively to fraud cases.

With the knowledge conveyed in the UTA whitepaper, fleet managers and drivers are equipped to successfully confront the danger of fuel card abuse and thus avoid financial losses for their companies.

Download the whitepaper for free here