Virtual credit cards, specifically built to control fraud and corporate misuse, were the vehicle that former Jacksonville Jaguars employee Amit Patel used to bilk the NFL team of more than $22 Million dollars. Virtual credit cards are simply sixteen digit Visa or MasterCard account numbers, along with expiration date and CVV, where no physical plastic is created. They make it easier for corporate accounts payable departments to create a new, unique card numbers to pay individual suppliers. This is preferable to a static, plastic purchasing card because transactions are isolated to a single payment, to a single supplier, controlled by amount, date, and merchant category code. In this case it would appear that the internal audit function at the Jacksonville Jaguars finance department missed some key controls or dual authority sign-off before payments are made. You can read more about this story here:
Article (Free) from The Atlantic: Former Jaguars employee accused of stealing more than $22 million from team. (December 6, 2023)
Article (Free) from The Bleacher Report: Report: Former Jaguars Employee Accused of Stealing $22M with Virtual Credit Card. (December 6, 2023)
Article (Free) from Fox Sports: Ex-Jaguars financial manager accused of stealing more than $22 million, according to court filing. (December 6, 2023)
Article (Free) from ESPN: Former Jaguars employee accused of stealing over $22 million. (December 6, 2023)