'Thousands of motorists who brought petrol on credit cards are thought to have lost millions in a scam'
New computerised technology is exciting, especially when promising greater security for financial transactions. But, sadly, it can also represent new challenges to criminal techno-geeks. Before long, it seems, misapplied ‘skills’ can find their way around the electronic barriers, leaving private bank accounts at their mercy. In reality, there’s no such thing as 'fraud-proof'.
Card-cloning was the problem here, and, while the specific methods used in this case might now be blocked, that doesn’t mean other techniques aren’t possible. But, to protect your fuel budgets and your bank accounts, the simple answer is: get a fuelcard – if you’re not already using one.
It’s credit and debit cards that’s the real honey-pot for criminal bees. That’s because, credit and debit cards, typically carries key bank details. But fuel cards are very different – and significantly safer.
Here’s 5 reasons why:
1. Fuelcards DO NOT carry any banking details – so they’re are an unattractive target for criminals.
2. Fuelcards are on a ‘closed’ network for security, and so are not affected by the particular fraud technique described.
3. By definition, the use of fuelcards is solely for the purchase of fuel at a specific site network – and not for the withdrawal of cash.
4. Fuelcards can also help prevent misuse of cards for illegal fuel purchases. For example, users of any Abbey Fuelcards, including Diesel Direct / Keyfuels, Texaco Fastfuel or euroShell can provide free continuous monitoring of fuel purchases to limit the risk of fraud as part of card membership. This automatically triggers notification of the customer company via an exception report if fuel is drawn over a pre-set limit or outside a specific timeframe.
5. Leading fuelcard operators will also offer insurance cover against card misuse. In the best deals, zero liability protection is an inclusive part of the service benefits of card membership.
If you’re still relying on a pay-and-reclaim system for fuel expenses in your courier company, you’re unnecessarily leaving your employees at some risk of becoming victims of fraud. What’s more, instead of saving on fuel and administration costs, your company is also vulnerable. If that applies to you, isn’t it time for a re-think ? Abbey is a good place to get advice.