Find Money FAST - Corporate Credit Cards

Many organisations promote the use of corporate credit cards to gain efficiencies and simplify everyday purchases and travel expenses. However, high card usage volumes increase the risk of errors, misuse and abuse by employees, especially during tough economic times. ACL analytics examine credit card transactions to identify duplicate charges, unusual transactions, gifts, use on holidays and weekends, and possible non-business related purchases.

Analytics

1. Examine credit card transactions to identify possible duplicate charges.

• Duplicate processing criteria same card number, same amount, same merchant and same date.
• Duplicate processing criteria same card number, same amount, same merchant within N days of each other.

2. Examine credit card transactions to identify suspicious transactions, outside of company policy.

• Examination of credit card transactions to identify questionable charges made by credit card holder on non-business dates. Identify transactions processed on weekends and holidays.
• Identify questionable charges made by credit card holder, based on key words or even dollar transaction amounts.

Facts & Figures

44% of companies that use purchasing cards report that purchase volume is at least 5% of corporate spend [IOMA 2007]. "35% of purchasing card fraud is detected through internal and external auditing. You need to audit on an ongoing basis to detect fraud and misuse and nip it in the bud." [IOMA 2007]