Every business must watch for fraud and theft to protect its bottom line. Sadly, people find new ways to steal from companies every year, and this problem is more prevalent during challenging economic conditions. Fleet managers recognize this and must find ways to stop employee gas theft.
The easiest way is to look into a fuel card for your fleet. These cards are designed to combat most types of fuel theft. How do these cards protect the company from theft?
Mileage Reports
One of the easiest ways drivers steal from their employer is to report higher mileage. They don’t cover these distances but tell the employer they do to receive additional reimbursement. A driver might claim they lost their paper receipts, and if a receipt is damaged, it may be hard to read. Fuel cards allow the company to see detailed transactions related to fuel spending.
Falsified Receipts
When drivers must maintain paper receipts to turn in to their employers, the risk of theft and fraud increases. Paper receipts can be damaged or lost, and a driver can easily falsify them. When a fuel card is used, there is no need for paper receipts. All fuel transactions are recorded on the card, so the employer can see how much each driver spent. The card may also be used for other fleet-related purchases or services. Drivers appreciate not having to keep track of paper receipts or purchase fleet-related items and wait for reimbursement. They also know they are being monitored, which helps to stop theft before it occurs.
Fueling Personal Vehicles
Who is to say a driver can’t simultaneously fill up their fleet and personal vehicles? The fleet manager will see a single purchase and cannot tell whether multiple vehicles were fueled. Thanks to the detailed reporting that comes with a fuel card, fleet managers can easily see discrepancies in fill-ups. They can determine whether a driver is stealing fuel or if they have a vehicle that needs maintenance or repairs.
PIN Sharing
Fuel cards used to come with PINs. Fleet managers assumed the PINs made the fuel cards safer, but discovered that was false. People quickly figured out ways to get around these security measures for their benefit. PINs could be stolen or shared among drivers, making it difficult to determine which employee was stealing gas. Card transactions might not be linked to specific vehicles in these situations. Replacing a card wouldn’t resolve the issue because the same problems could arise with the new card. With fuel cards, each card is connected to a specific employee. There is no sharing of cards or PINs. Card skimmers also cannot benefit because they may be able to steal the card, but it cannot be used without additional information.
Fuel Savings
Fleet cards come with an added benefit. Many gas card companies offer fuel discounts for cardholders, allowing companies to save more on routine expenses. The discounts are often based on the fleet size and intended usage. Business owners should ask about other benefits associated with fleet fuel cards to guarantee they obtain the maximum savings.
Every fleet manager should look into fuel cards today. These cards are particularly beneficial when gas prices rise, but people love saving money even when fleet costs decrease. They can use the funds they save on fuel to grow the business or reward outstanding employees. The fleet cards can help a company’s bottom line in multiple ways.
