Tackling Fraud in Your Global Card Program

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As we discussed in our post on running a global purchasing program, the bigger the corporate card program, the bigger the challenges. (Read the earlier post, “Taking on the World: The Challenges of a Global Card Program.”) Running a card program that includes transactions from all over the world is about as big as you can get. Unfortunately, the opportunities for fraudulent card use are proportionally numerous. So how do you tackle fraud in your global card program when faced with so much international spend?

Get Back to Basics

The same theories on how to prevent fraud don’t necessarily change just because your program has gone global. The basics still apply — but you and your management need to apply them, and do so in a more extensive way.

These basics include:

  • Keeping your corporate card policies and procedures up to date and relative to any changes or growth within the program
  • Adequate training and communication of those policies and procedures
  • Transaction reviews
  • Following up on red-flag findings
  • Communicating findings of fraud as necessary with cardholders and management
  • Holding accountable any fraudulent individuals or organizations with appropriate consequences 

Get Cardholders Involved

With the amount and type of receipts that are generated from a global card program, it becomes all the more important that cardholders are actively involved and have personal responsibility within it.

Employees should always be required to review their own expenses first and then turn over itemized receipts for every transaction they make — whether that’s here in the states or abroad —for further review.

Keeping employees involved in the review process can help foster personal stewardship and responsibility, which in return can reduce the chances of fraud. It also serves as a continuous reminder to all employees that all transactions — and any improprieties — are taken very seriously.

Overall, it doesn’t hurt for cardholders to know that, despite being thousands of miles away, their transactions are still being monitored and reviewed. The accountability can help prevent fraudulent actions.

Get Serious

If you’ve been lax in how you handle transaction reviews in the past, it’s time to turn a new leaf — especially now that your program has global proportions. You can’t conquer fraud without being serious about overseeing your program. If your policy with your local card program was “set it and forget it,” that no longer can apply.

Instead, resolve to make your global card program stronger than it’s ever been. Invest in more time, more resources, better communication, more stringent reviews, more comprehensive training, and overall, a better process that can help you span the globe while still keeping fraud in check.

Get Help

While the scope of your corporate card program has become global, that doesn’t mean, necessarily, that your internal resources have grown. And yet, we’ve just discussed the importance of getting serious and having enough of the right resources in place to handle the worldwide transactions. Most likely, you’ll need to look beyond the systems and resources your company currently has in place and bring in additional help to meet the growing demands of the global program.

Fortunately, Card Integrity offers complete, comprehensive solutions that can be immediately applied to your global card program to help identify and prevent fraud. To learn more, visit our solutions page by clicking HERE, contact us by clicking HERE, or call us at 630-501-1507.

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