When cards have spend limit and expiration restrictions on them, the amount at risk to fraud is limited. Because virtual cards are generated as needed by the person making the purchase, there are no opportunities for vendor fraud associated with their use.
A card that is lost or stolen can be easily locked then unlocked, if found, from your dashboard.
Card owners are immediately notified if a suspected fraudulent charge has been attempted. These alerts are sent to your email, and also appear on your dashboard. If the cardholder verifies the charge as legitimate, it will go through. Airbase adjusts its algorithm to include approved vendors to ensure future transactions are processed.
If a corporate card does get compromised, it’s the finance team who are asked to track down all recurring expenditures on the card, and replace it with a new one. The Airbase system allows you to make vendor-specific virtual cards so that this problem won’t arise.
Sharing virtual card details in an email, or online chat, can compromise the security of the card.
We created a “Share” feature so that card details can be securely shared with other members in the organization and, in some cases, with external contractors.
For example, a purchase manager can share the card details with an assistant for an authorized spend.
When vendors manage their account details through our Vendor Portal, you don’t need to worry whether that email requesting an update of account details is valid or not.
You’ll receive notifications whenever account details are updated by someone in your team to give you added visibility.