P FRAM
27th May 2010, Page 10
27th May 2010
Page 10
Page 10, 27th May 2010
— P FRAM
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Fuel card fraud totals £40m a year
FRAUD ON FUEL cards was believed to have amounted to some £40m in 2009, according to fuel card firm Keyfuels.
Keyfuels bases the figure on its own fraud protection data, from which it has calculated a best-estimate national total based on its market share. The company says fuel card fraud has risen by 6% compared with two years ago.
Peter Bridgen, Keyfuels MD, says it uses a range of methods to minimise fraud, including online card authorisation, which helps to identify irregular transactions immediately so managers can act quickly.
Bridgen adds that all operators using fuel cards should ensure they have security measures in place "or fraud could end up costing their business a great deal of money".
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