Fuel theft and fraud have become a major concern for commercial fleets, with some estimates suggesting that up to 3% of their expenses are lost to unauthorized fuel purchases.
WEX, a leading provider of payment processing and fleet management solutions, is now using AI to tackle this issue head-on. The company is deploying an artificial intelligence-powered system that can detect and prevent potentially unauthorized fuel purchases before they are approved on its WEXOnline platform.
How it works
The AI system, developed in partnership with WEX, uses machine learning algorithms to analyze historical fuel purchase data and identify suspicious patterns of behavior. This might include unusual fueling locations, times of day, or amounts purchased.
Once the system detects a potentially fraudulent transaction, it sends a warning to the fleet manager’s dashboard, giving them the opportunity to review and reject the transaction before it is approved.
What this means
For commercial fleets, this means reduced losses to fuel theft and fraud. According to WEX, the new system can help prevent up to 50% of unauthorized fuel purchases, resulting in significant cost savings.
Fleets also benefit from improved fuel management and oversight, as they can track and monitor employee fuel behavior in real-time. This can help identify areas for improvement and optimize fuel purchasing strategies.
AI-powered prevention
The deployment of AI-powered fraud prevention is just the latest example of WEX’s commitment to innovation and customer service.
By leveraging the power of machine learning and AI, WEX is helping fleets to stay one step ahead of potential security threats and stay focused on what matters most – running their businesses efficiently and effectively.
