Enhancing Fuel Card Security: Multi Service Fuel Card's OTP Feature
Enhanced Security for Fuel Transactions
Multi Service Fuel Card has made a significant stride in ensuring safer transactions with the introduction of its One-Time PIN (OTP) security feature. This innovative development is now a part of their mobile app, making it more user-friendly and secure for customers.
Impact of Card Skimming
According to recent estimates from the FBI, the impact of card skimming has become a major concern, costing consumers and financial institutions over $1 billion annually. Efforts to combat this growing problem have become increasingly necessary. Reports from FICO indicate that in one year alone, the number of compromised cards surged by a staggering 77%, highlighting the urgency of robust security measures.
Securing Transactions with One-Time PINs
The OTP feature is designed meticulously to guard against fraud specifically targeting fuel cards. This security measure sends users a unique, time-sensitive PIN via the Multi Service Fuel Card mobile app for each transaction they make at the pump. Unlike the traditional static PINs that can be intercepted and reused by fraudsters, these One-Time PINs are generated dynamically, making them ineffective for criminal purposes.
"Our new one-time PIN feature represents a substantial enhancement to transaction security. By streamlining a quick and secure authentication process, we’re empowering cardholders to safeguard their accounts effortlessly," said Aaron Decker, CEO of Multi Service Fuel Card.
Technology and Accessibility
This feature empowers users to enhance their security without compromising on ease of use. Operating seamlessly on both iOS and Android devices, it does not require a Wi-Fi connection to function effectively. Ron Gunderson, Senior Director of Product & Technology, emphasized the results of their pilot programs which confirmed reliable and prompt OTP delivery across the entire merchant network.
The recently launched version of the Multi Service Fuel Card mobile app not only incorporates the OTP feature but also includes advanced functionalities for fleet owners, such as access to recent transactions and AR information. This makes it an invaluable tool for businesses managing fuel expenses.
Utilization of App Features
Furthermore, app users who are not cardholders can still benefit, utilizing the application to identify truck stops on their routes, complete with real-time visibility to retail fuel pricing and available amenities. The latest update even offers biometric security options on both Apple and Android devices for easy and secure login.
About Multi Service Fuel Card
Founded in 1978 by a former over-the-road truck driver, Multi Service Fuel Card revolutionized fuel payment methods. They emerged from a vision to create a safer and more efficient way to pay for fuel. Fast forward over 40 years, and this company is now recognized as the premier fuel card solution within the trucking sector.
Today, Multi Service Fuel Card is accepted at more than 8,900 truck stops across North America, including renowned chains and independent outlets. Their acquisition by Shell USA in September 2021 has further strengthened their presence and commitment to delivering exceptional fuel payment solutions.
Frequently Asked Questions
What is the One-Time PIN feature?
The One-Time PIN feature is a security measure that provides users with a unique, time-sensitive PIN for each transaction, enhancing safety against fraud.
How does the OTP feature work?
Users receive a dynamic PIN through the Multi Service Fuel Card mobile app, which must be used for authorizing transactions at fuel pumps, minimizing the risk of card skimming.
Is the OTP feature available for all users?
Yes, the OTP security feature is automatically enabled for all new accountholders, and existing users can activate it through their app settings.
What devices support the OTP feature?
The OTP feature is compatible with both iOS and Android devices and does not require Wi-Fi access to function.
How does Multi Service Fuel Card support fleet owners?
The app provides fleet owners with access to transaction history and additional AR information, helping businesses manage their fuel spending efficiently.
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