Are You Protected Against Fleet Fuel Fraud?

Fuel fraud is a risk that impacts companies in many ways.  Almost 90% of fleet managers suspect they are losing money to stolen fuel or unauthorized purchases.  The losses aren’t insignificant, either.  These same managers think they could reduce expenses by 5% or more if they were better able to manage fuel expenses.  In other words, becoming protected against fleet fuel fraud could add substantial dollars to your bottom line.  With that in mind, is your company at risk for fraud?

Look for these red flags you might be losing money to fleet fuel fraud:

1. It’s challenging to balance fuel consumption with the inventory.  If it seems there are often unexplained offages between the amount of fuel used and the amount of fuel remaining, it could be because of theft. It’s not uncommon for employees to siphon gasoline or diesel from a tank for personal use. When it happens as just a couple of gallons here and there, the offages may be considered an accounting error.  However, noticing this trend is essential for realizing you may be losing money to theft.
2. Fleet vehicles require refueling too frequently.  While all your fleet vehicles don’t use the same routes or travel the same distance every day, you should have a good handle on how frequently your vehicles require refueling.  If some vehicles seem to need fill-ups more frequently than they should, it could be a sign that drivers are either stealing fuel from the tank or using it for personal use.
3. Accounting detects charges from new locations.  People are creatures of habit, and that means most of your drivers likely purchase fuel and supplies from the same locations time after time.  If you notice charges show up from new or out-of-the-way locations, you may want to investigate the situation a little further to determine if the purchase was legitimate and authorized.

GP Energy will help you be protected against fleet fuel fraud.

GP Energy works with companies like yours to better manage fuel costs and help reduce the risks of fleet fuel fraud.  Our experts will partner with you to help you achieve your profitability goals.  Here are just a few recommendations we provide to our clients:

1. Implement a corporate fuel card program.  Our cardlock fuel card programs operate on the CFN and Pacific Pride Networks.  Fleet drivers can fuel up at thousands of locations across the country and enjoy faster fill-ups with high-speed dispensers at most stations.  With a fuel card program, managers can easily monitor card usage, limit purchases, be notified of exception transactions, and more–all with no monthly card or service fees.
2. Require identification to use on-site fueling stations.  It’s important to track where every drop of fuel is going.  Implement technology that requires an identification card with a PIN number to access fuel from on-site pumps.  Ensure your employees are well-trained not to share their PIN numbers.
3. Apply limitations to fuel card programs.  Set limits for each driver, including the maximum number of refuels per day, maximum fuel per refueling, allowable hours and locations for refueling, and other controls.  The team at GP Energy will work with you to create rules and limitations in your card program to manage transactions automatically so you can rest easy.

Learn how GP Energy will help you grow your business.

We will identify effective strategies for controlling fleet costs and achieving the financial results you’re striving for.  Our professional team works with business owners like you to implement plans to achieve success.  Whether you are hoping to expand your unbranded business by adding car wash facilities or expanded meal options, or you want to convert your business into a branded fuel facility, we have the expertise to guide you through the entire process.   Our goal at GP Energy is to make crossing the finish line of goal achievement easily within your reach.  Contact us today to get started!