Motive, a prominent provider of integrated fleet management solutions, has recently unveiled its new AI-powered fraud controls aimed at bolstering security for its customers who utilise the Motive Card. In a notable trial period of just 30 days, these advanced fraud detection features managed to identify over $250,000 in fraudulent transactions stemming from more than 1,200 unauthorised activities. This initiative underscores Motive's commitment to enhancing operational efficiency and financial protection for businesses operating fleets.
The Motive Card distinguishes itself as the only fuel card completely integrated within a fleet management platform. This integration allows fleet managers to leverage telematics data to pre-emptively identify and decline potential fraudulent transactions, offering a level of security that aims to streamline processes and safeguard assets.
Alex Amort, Vice President of Compliance at Cascade Environmental, praised the capabilities of the Motive Card, stating, “The Motive Card does so much more than save us time and fuel costs; it alerts us to potentially fraudulent activity and declines those transactions. We haven’t had any fraud since using the Motive Card.” He highlighted the advantage of managing fleet and expenditure through a single dashboard, which aids in closely monitoring operations, stopping fraud before it occurs, and providing better guidance to drivers regarding fueling policies and efficiency.
In the broader context of fleet management, Hemant Banavar, Vice President of Financial Products, noted a staggering statistic: “Nineteen percent of current fleet spend is lost to fraud or theft, leading to an average revenue loss of nearly $1 million per year for companies in the trucking, logistics, construction, oil and gas, and other sectors.” Banavar emphasised that the innovative features offered by Motive are designed to equip fleet managers with powerful tools to mitigate these losses, enabling them to redirect their focus to core business operations and personnel.
The newly introduced fraud controls exclusively available to Motive Card users empower businesses to set custom spending limits and declining transactions that show signs of suspicion. These controls are multifaceted:
Stop Fraud Before It Happens: The AI-enabled Vehicle & Spend Location Mismatch function alerts fleet managers if there is a discrepancy between the vehicle’s location and the transaction, triggering automatic declines for suspicious activity.
Respond Faster to Suspicious Activity: Alerts for Fuel Type Mismatch and Fuel Level & Spend Mismatch enable fleet managers to quickly detect potential fraud and take immediate corrective actions, such as freezing the card or blocking certain merchants.
Control Spend in Real Time: Category Level Spend Limits allow for precise management of transaction limits tailored to specific scenarios and merchant types. This includes managing spending more stringently for categories like home improvement or general retail, while maintaining higher limits for fuel and vehicle maintenance.
Increase Profits with a Holistic View: The comprehensive integration of fleet telematics with transaction data presents fleet managers with an all-inclusive perspective on activities, facilitating improved control over spending, thereby boosting profit margins and operational efficiency.
With these AI-powered fraud controls, Motive not only aims to prevent fraud but also seeks to enhance overall savings for its users. The company states that organisations can expect on average a 6.6% reduction in fuel expenditure through this integration, alongside access to discounts for fuel and maintenance services at over 26,000 locations nationwide.
Businesses interested in exploring potential savings are encouraged to engage with a Motive Savings Expert for a tailored analysis that addresses their specific operational needs. Through the introduction of such robust functions, Motive continues to solidify its position in the evolving landscape of fleet management technology, promoting enhanced security and efficiency for its clients across various sectors.
Source: Noah Wire Services