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Question on Fraud and Reconciliation , Expensify Credit Card

TimSamuelCFO
TimSamuelCFO Expensify Customer Posts: 2 Expensify Newcomer
Hello,   I'm really interested in this credit card for the non profit I serve.  How do you deal with fraud on credit cards with a daily settlement.  For example, our offices were closed on Black Friday and fraudulent purchase were made on one users card.  They didn't call the bank until Wednesday the week after Thanksgiving and the credit card company alerted them.  We wouldn't have noticed that until that until the user went to do his credit card report.  Do you offer similar alerts?   Also, we ask employees to settle their last 30 days of purchases to tie to the credit card statement. Since its all integrated with the accounting software, what have you seen large non profits do in asking people when to do their expense reports?  Do they now just use the unapproved expense feature to determine when people should reconcile?  Thanks so much!  

Best Answer

  • Jeremy Boniface
    Jeremy Boniface Expensify Team Posts: 184 Expensify Team
    edited March 2020 Accepted Answer
    Hey @TimSamuelCFO

    Regarding fraud -- we do have similar fraud protection features! In particular:

    1. Real-time notifications on spend
    2. 24/7 card cancellations via IVR
    3. Disputing charges via Concierge

    Regarding reconciliation -- with the Expensify card, we settle and reconcile daily, automatically. The unapproved expense limit is there to ensure that cardholders aren't able to spend beyond a certain limit without their previous expenses first being approved. 

    Let me know if you have additional questions!