Don’t be fuelish – Fraud in fuel inventory
Fuel is a dominant expense for some industries such as power, energy, mining and manufacturing. For example, in the mining industry, one mine will consume hundreds of thousands of litres of fuel in just one month for extraction, excavators, generators, four-wheel drive vehicles and heavy-duty equipment. Prudent mining companies have to stockpile huge fuel reserves to prevent disruption of operations. Of course, large quantities of a valuable commodity invite fraud.
Industries that depend on large quantities of fuel have the same fraud risk exposures at all points of the usage chain:
- purchasing or procurement,
- consumption or usage and;
Fraud examiners also need to know that the most critical, risky aspects of the fuelling process include the controlling of prices, quantity and quality (can be affected by the addition of water or other liquid compounds).
Full visibility means full awareness
Properly monitoring your fuel loss by engaging effective fuel inventory management can be the difference between running a successful operation or not. This is why many industries rely on Wetstock/Fuel Monitoring solutions like Fuelsuite and Greenscan.
Fuelsuite is a comprehensive fuel monitoring solution that puts the magnifying glass on fuel reconciliation. By digitally transforming your station, you will win the fight against fraud every time.
Having access to accurate, live data will pinpoint fuel loss and give you full visibility over your investment.
- The amount of fuel coming in and going out of your tanks for accurate reconciliation
- Fuel temperatures to identify local fuel behaviour
- Leak detection – because a leak can cost you even more than fraud
Fuelsuite will report on the entire cycle of your fuel – from ensuring you’ve received what you’ve paid for, to making sure it is stored and dispensed safely and accurately.
Whether you think you’re susceptible to fuel fraud or not, accurately reconciling and monitoring your fuel is non-negotiable. To speak to EMS about your fuel inventory management or about our leading fuel management system Fuelsuite, get in touch.