WEX launches SecureFuel with AI-powered fraud detection to stop unauthorized fuel purchases

WEX launches SecureFuel to combat fleet card fraud with AI By Investing.com

PORTLAND, Maine - WEX (NYSE:WEX) announced the general availability of SecureFuel for its North American fleet customers, a system designed to identify and prevent unauthorized fuel purchases before transaction approval. The company made the announcement Tuesday at its third annual North American Mobility Summit in Portland, Maine, according to a press release statement. SecureFuel combines fleet card transaction data from WEX's network, which covers approximately 95% of U.S. fuel stations, with real-time vehicle telematics information and AI-powered fraud detection models. The system provides purchase details including fuel quantity, fuel type, and merchant location to identify suspicious activity. According to the National Association of Fleet Managers cited in the release, fraud and misuse can account for as much as 12% of a business's total fuel spend. "Fraud prevention is only as strong as the information behind each decision," said Carlos Carriedo, chief operating officer, Americas Payments and Mobility at WEX. "SecureFuel gives us a more complete view of each purchase, assisting customers stop unauthorized transactions without creating unnecessary disruption for drivers." WEX processes approximately 30 million fleet transactions each month. The company stated it has approximately a decade of experience applying telematics data to fraud prevention in its over-the-road business. Customers can activate SecureFuel within the WEXOnline platform using telematics supplied by WEX or through supported third-party providers. WEX is a Geotab Premier Partner, allowing customers with existing Geotab solutions to connect vehicle data to SecureFuel. The service is expected to begin rolling out to eligible customers on August 3. WEX also previewed Actionable Insights during the summit, a feature currently in beta testing that uses AI to analyze transaction, fleet, and payment data to surface recommendations for identifying savings opportunities and improving operational performance. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

WEX Announces General Availability Of SecureFuel For North American Fleet Customers

WEX announced the general availability of SecureFuel for its North American fleet customers. This new capability uses detailed fleet card transaction data, real-time vehicle information, and advanced AI-powered models to identify and stop potentially unauthorized fuel purchases before they are approved. SecureFuel combines purchase details, including fuel quantity, fuel type, and merchant location, with telematics data, and WEX-designed, AI-powered fraud models to help identify suspicious activity more precisely while reducing the false positives. SecureFuel builds on more than 40 years of WEX leadership in fleet card controls and approximately a decade of experience applying telematics data to fraud prevention in its over-the-road business. WEX processes approximately 30 million fleet transactions each month. SecureFuel adds real-time vehicle intelligence to that foundation, helping managers stop unauthorized fuel purchases before they happen, reduce unnecessary card declines, minimize manual investigations and reconciliation, confirm purchases using current vehicle location, bring fleet card and telematics data into one workflow, and improve visibility into exceptions and attempted purchases. Customers can activate SecureFuel within the WEXOnline platform using telematics supplied by WEX or through supported third-party providers. WEX is a Geotab Premier Partner, enabling those with an existing Geotab solution to connect vehicle data to SecureFuel. Those that do not currently use telematics can obtain a supported solution through WEX, giving them one provider for payments, vehicle connectivity, and fraud prevention. SecureFuel is expected to begin rolling out to eligible customers on August 3. During the WEX North America Summit, WEX also previewed Actionable Insights, a new feature currently in beta testing. The solution uses AI to turn transaction, fleet, and payment data to surface actionable recommendations that can assist to identify savings opportunities, reduce waste, improve operational performance, and make more proactive decisions. SecureFuel and AI Insights are the first in a growing portfolio of intelligence-driven fleet capabilities from WEX.