Company credit cards: Relaxed rules could lead to more headaches for you
Put your road warriors on alert: They’re going to have to keep an even closer watch on their company credit cards during their business trips.
That’s because you’re going to have one less fraud prevention protection.
As of April 13, both American Express and Mastercard no longer require signatures for purchases where people checkout in person. (Visa said it will let North American merchants choose whether or not to require signatures starting this month.)
And that could make some headaches for you.
You can thank chip technology for this change – card companies say it’s no longer necessary to sign on the dotted line as their fraud prevention capabilities have advanced so far.
3 ways to keep your company covered
But if one of your business travelers loses a card on the road, it’s going to be that much easier for someone to make purchases on your company’s dime. In light of these changes:
- Require that employees alert A/P the second they’ve lost a card
- Have A/P scour card statements even more carefully, and
- Be sure your p-cards have spending limits built in so a missing card can’t be abused.
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