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US Bank relationship team outlines fraud trends and state rebate capture
Summary
US Bank highlighted program services, fraud trends (lower fraud on virtual cards), and state P-Card metrics: roughly $846 million in spend and about $13.3 million in rebates in the last rebate period, with projected growth for 2024.
Monica Lockett and Shannon (US Bank relationship managers) summarized the bank's client teams and the services available under the statewide contract, including client services, technical support, program optimization and fraud resources.
Monica noted protections available under the contract and encouraged agencies to use the bank's optimization team, saying the consultative service is included in the contract pricing. She told attendees the state program collectively had about $846,000,000 in spend over the prior 12 months and earned roughly $13,300,000 in rebates during the last rebate period.
US Bank emphasized fraud trends and product options such as virtual cards that have lower fraud rates; Shannon said virtual cards typically show about 3% fraud compared with higher rates for checks and ACH in their cited study. The presenters encouraged agencies to enroll cardholders in fraud alerts, consider virtual-pay options and use program-optimization services to reduce manual processes and increase rebate capture.
