The company plans to add an artificial intelligence-powered fraud prevention capability called SecureFuel to the platform for its North American fleet customers on Aug. 3, it said in a Wednesday (July 29) press release.
SecureFuel is powered by WEX fleet card transaction data, real-time vehicle information and advanced AI models, according to the release.
By using purchase information such as fuel quantity, fuel type and merchant location; telematics data; and AI-powered fraud models, SecureFuel helps identify suspicious activity while reducing false positives, the release said.
WEX customers can activate SecureFuel within the WEXOnline platform using telematics supplied by WEX or by supported third-party providers, per the release.
“Fraud prevention is only as strong as the information behind each decision,” Carlos Carriedo, chief operating officer, Americas Payments and Mobility at WEX, said in the release. “SecureFuel gives us a more complete view of each purchase, assisting customers [in stopping] unauthorized transactions without creating unnecessary disruption for drivers. This capability is especially important in today’s volatile fuel price market.”
Fuel cards generate large volumes of transaction data that can reveal unusual behavior, from out-of-network purchases to repeated fueling patterns that merit review, while AI can identify those anomalies quickly and surface them for managers before problems escalate, WEX Chief Digital Officer Karen Stroup told PYMNTS in an interview posted in June.
PYMNTS reported in April that WEX is embedding AI throughout its operations as it builds its core business of mobility payments, corporate payments and benefits administration.
The company has long-standing leadership in fleet and fuel payments systems, and mobility accounts for about half of the company’s annual revenue.
“We are firmly focused on executing our strategy to amplify our core, expand our reach and accelerate innovation, and I am pleased to see the results,” WEX Chair, CEO and President Melissa Smith said during an April earnings call. “We continue to embed AI into our workstreams and product development processes to both accelerate operational efficiency and deliver smarter, more efficient payment workflows to our customers.”
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