Did you know that according to the Association of Certified Fraud examiners, your fleet could be losing as much 5% due to theft, embezzlement, or fraud? To put it simply, for every $100 your fleet makes, it loses $5.
The best way to prevent this detrimental loss is by implementing a fleet fuel card. It’s guaranteed to regulate spending and catch deceitful employees. As a fleet manager, putting such precautionary measures in place will protect your bottom line.
Here are three ways you can examine fuel theft within your fleet.
Unfortunately for fleet managers, fuel is one of the easiest ways for drivers, and whoever else has access to the card, to manipulate the system and forge numbers. To add on to that challenge, a company credit card makes it even easier for employees to commit fraud.
Unlike a fleet fuel card, traditional credit cards don’t break down fuel purchases by the gallon. However, they still help regulate spending and eliminate the employee reimbursement process. If your fleet uses a traditional card, don’t be afraid to put on your detective hat. Investigate how gallons are calculated and what kind of data the credit card company will provide.
If you suspect fraudulent activity from one of your drivers, the least you can do is review the last six months’ transactions. For each questionable purchase, you should know the odometer reading, the driver, day, and time of the transaction, and how many gallons were purchased. With these answers, it’s narrows down the activity by driver and location.
It’s also important to consider the nature of your business: Is the fleet seasonal? Do you add or subtract routes and drivers based on specific factors? This can tell the story of why numbers are fluctuating, and it may not be fraudulent activity after all.
As with any investigation, evidence is critical. Once you suspect disloyal activity, conduct an experiment to see if it proves true. For example, trade a diesel vehicle for a traditional gas unit, and monitor the levels for each run. Another way would be to document each time a bulk fill up occurs.
Upon the conclusion of your experiment, record your findings, and quickly identify the offending driver. To terminate the employee, you must provide documentation of your experiment’s results. Before you proceed with charges or termination, consult with company attorneys and human resources team to cover all your bases.
Above all other options, the best way to combat fuel theft is by using a fleet fuel card. Fuelz provides an industry-leading card that sends critical data to fleet managers. They’ll have insights in to purchases by the driver, unit number, fueling location, and more. Protect your bottom line by getting in touch with Fuelz today or call us at 855-GO-FUELZ.