WEX launches SecureFuel to stop fleet fuel fraud
WEX Inc launched SecureFuel, an AI-driven tool to prevent fleet fuel fraud by combining transaction data with real-time telematics. The solution, rolling out August 3, targets industry fraud losses estimated at 12% of fuel spend. It leverages WEX's network covering 95% of US fuel stations and 30 million monthly transactions to identify suspicious activity before approval.
*this image is generated using AI for illustrative purposes only.
WEX Inc (NYSE: WEX) announced the general availability of SecureFuel, an artificial intelligence-powered capability designed to prevent unauthorized fuel purchases for commercial fleets in North America. The new tool addresses a significant operational risk, as the National Association of Fleet Managers estimates that fraud and misuse can drain as much as 12% of a business’s total fuel spend. By combining detailed fleet card transaction data with real-time vehicle information, SecureFuel identifies and stops potentially unauthorized transactions before they are approved, offering a proactive defense against financial leakage in volatile fuel markets.
The announcement was made at the third annual WEX North American Mobility Summit in Portland, Maine, attended by original equipment manufacturers, fleet management companies, and global energy providers. Carlos Carriedo, chief operating officer of Americas Payments and Mobility at WEX, emphasized that fraud prevention relies on comprehensive data. "SecureFuel gives us a more complete view of each purchase, assisting customers stop unauthorized transactions without creating unnecessary disruption for drivers," Carriedo said. He noted that this capability is particularly critical given current volatility in fuel prices.
SecureFuel leverages WEX’s proprietary closed-loop network, which covers approximately 95% of US fuel stations, to capture granular purchase details including fuel quantity, type, and merchant location. These data points are merged with telematics information and WEX-designed AI models to pinpoint suspicious activity while reducing false positives. This integration allows fleet managers to make precise decisions that protect their bottom line without relying solely on traditional card controls or standalone telematics tools.
| Capability | Description |
|---|---|
| Network Coverage | Approximately 95% of US fuel stations |
| Transaction Volume | Approximately 30 million fleet transactions per month |
| Fraud Impact | Up to 12% of total fuel spend (per NAFA) |
| Launch Date | August 3 (eligible customers) |
The solution builds on more than 40 years of WEX leadership in fleet card controls and approximately a decade of experience applying telematics to fraud prevention in its over-the-road business. WEX processes approximately 30 million fleet transactions monthly, providing a robust dataset for its custom AI models to identify patterns and potential misuse. The scale of this data allows the system to catch fraudulent activity before it results in financial loss for businesses.
Operational Benefits
SecureFuel integrates real-time vehicle intelligence into the payment workflow, enabling managers to stop unauthorized purchases before they occur. Key operational improvements include:
- Reducing unnecessary card declines that disrupt driver productivity
- Minimizing manual investigations and reconciliation efforts
- Confirming purchases using current vehicle location data
- Consolidating fleet card and telematics data into a single workflow
- Improving 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. As a Geotab Premier Partner, WEX enables existing Geotab users to connect their vehicle data directly to SecureFuel. For those without existing telematics, WEX offers supported solutions, providing a single provider for payments, vehicle connectivity, and fraud prevention.
What the Numbers Show
The convergence of high-volume transaction data and real-time telemetry represents a shift from reactive to proactive fraud management. With WEX processing approximately 30 million transactions monthly across a network covering 95% of US fuel stations, the density of data points available for analysis is substantial. This scale suggests that the AI models can detect nuanced patterns of misuse that traditional rule-based systems might miss, potentially recapturing a significant portion of the 12% fuel spend currently lost to fraud according to industry estimates.
During the summit, WEX also previewed Actionable Insights, a feature currently in beta testing that uses AI to surface recommendations for identifying savings opportunities and reducing waste. SecureFuel and Actionable Insights mark the beginning of a broader portfolio of intelligence-driven capabilities aimed at moving beyond simple purchase management to comprehensive operational transparency.
How might competitors in the fleet payment and telematics space respond to WEX's integration of AI-driven fraud prevention with its dominant 95% network coverage?
What are the potential data privacy and security implications for fleet managers integrating third-party telematics providers like Geotab directly into WEX's payment workflow?
Could the success of SecureFuel accelerate industry-wide consolidation, prompting larger payments firms to acquire specialized AI or telematics companies to replicate this closed-loop model?
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