As we approach the New Year, it is time to start setting goals and improving your card program. To help make this process easier, we have compiled a list of our top expense control blog posts from 2022 on a number of topics including fraud, compliance, T&E, and industry insights. Whether you are looking for new strategies to bolster risk management or fresh ideas for utilizing cards in travel and expense, these posts can offer invaluable advice for strengthening your card program.
Fraud and Misuse
Preventing, finding, and combating fraud and misuse in your card program is an ongoing battle that can quickly become an overwhelming obstacle. However, knowing what to look for and implementing proper fraud prevention protocols can help mitigate the risk of fraudulent activity and associated financial losses.
Machine learning is an excellent tool for reducing fraud in the workplace. This article explores how machine learning can help organizations identify anomalies, create effective policy compliance control mechanisms, and ultimately minimize fraud-related losses. It provides strategies for implementing machine learning successfully and outlines the importance of having ethical P-Card policies in place.
This step-by-step guide examines various forms of employee fraud and offers practical steps businesses can take to reduce the risk. Every step explores red flags that could indicate fraud and outlines preventative measures business owners can implement.
Compliance with Purchasing Policy
Cardholder training and the promotion of policy compliance helps to increase program confidence and reduce fraud, by encouraging good cardholder behavior. By focusing on these procedures and protocols, organizations can build a strong foundation of trust with cardholders, leading to better program confidence and fewer instances of fraudulent activity.
“Green flags”, in this case meaning “good cardholder behavior,” can play a major role in card program visibility and confidence. Identifying and communicating the green flags, alongside the critical red flags, will enhance transparency and boost program confidence by increasing transparency of appropriate spend.
Whether you have a P-Card program, or issue Travel or Fleet Cards, here are 8 best practices for cardholder training that can be implemented quickly and easily. This valuable resource helps organizations looking to perfect their cardholder training programs.
From big news to big insights, a lot has happened in 2022. Expense control is a hot topic in fintech, and Card Integrity has the solutions.
Senior partner at Card Integrity, Doug Hindsley, discusses the three major issues currently threatening expense control. He outlines key strategies that can be implemented to mitigate these risks and ensure successful expense control.
This year, Illinois Public Higher Education Cooperative, “IPHEC”, awarded Card Integrity the opportunity to work with thirteen public higher education institutions, as well as at numerous community colleges.
From tracking receipts to updating policy, plenty of details surround T&E expense controls. Learn about the different areas to look into to prevent fraud, misuse, and wasteful spending across travel expenses, as well as how to do so in a more sustainable way.
Card programs used in travel can be made more sustainable. Discover how implementing green practices can help companies reduce their environmental footprint and create a greener future, while also saving money, and provides practical tips on how to start integrating sustainable travel solutions into your card program.
This blog post discusses strategies to bolster compliance with Travel & Expense (T&E) policies. It focuses on providing guidance on ways to customize T&E policies according to varying employee needs and how tactics such as organizational changes, automated expense reports, and clear communication of policies can increase compliance.
Organizing Expense Controls and Processes
Finding employee fraud through expense data, across different expense types and processes can be challenging. With the following expense control insights, your team can start taking the first step towards resolving this challenge as soon as possible.
This guide brings together nine key steps for optimizing the use of purchasing cards and includes helpful and comprehensive infographics. These steps include regularly reviewing the terms and conditions of card issuers, monitoring spending patterns carefully, alerting accounts early of any irregularities, and setting up automated reports. By following these best practices, organizations can streamline processing times and reduce fraud risk when it comes to their purchasing cards.
MCCs (Merchant Category Codes) are standardized codes that provide information about the type of business a merchant operates. Understanding MCCs can help improve the accuracy of analytics and reporting for card programs, enabling more effective fraud prevention and improved customer experience.
A Year in Review
A second look at the past year of Card Integrity articles shows an overall perspective of how expense controls keep a card program strong and healthy. From now on, your team can begin an excellent New Year’s resolution by adding these best practices to your existing program. For more actionable next steps, consider downloading the following guides and setting a more straightforward path to reaching your program goals.
Our newest, downloadable eGuide, “Green and Red Flags: Card Program Visibility & Confidence”, provides information on how to identify excellent and harmful purchasing behaviors with green and red flags, as well as the best ways to follow up to continue to promote positive purchasing behavior. Customizable print and easy-to-distribute digital certificates for responsible cardholders are also included in the download.
Our P-Card Program Best Practices eGuide includes detailed information and tips when it comes to policy, management, infrastructure, auditing, submission, purchasing, and training. Using these tips can help your team find opportunities for cost savings and protect your card program from wasteful spending.
Stay Ahead of the Curve in the Year Ahead
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