Truckstop Ramps Up Campaign to Combat Freight Fraud
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Truckstop has ramped up a campaign aimed at combating trucking fraud through awareness and research.
The web series, Fraud Prevention Friday, became the main initiative of this campaign when it launched May 19. The weekly series will bring together customer research and data while providing the freight industry with tips and best practices to prevent fraud. Truckstop has long focused on fraud with this campaign allowing it to convey its insights to the broader industry.
“We have always taken fraud extremely seriously and we are continually improving our products and services to offer our customers greater protection and confidence,” said Julia Laurin, chief product officer at Truckstop. “Bad actors are getting savvier and savvier about how they obtain information to defraud brokers and carriers.”
Truckstop also released a survey May 19 that found cargo theft reports increased 20% in 2022 with the steepest jump occurring in the fourth quarter for a total loss value of $223 million. The survey noted criminals are tapping into load board technology to pose as legitimate carriers and access loads without suspicion. It tracked a 400% increase in double-brokering complaints over the previous six months.
To kick off our Fraud Prevention Friday series, Truckstop’s Chief Product Officer, Julia Laurin shares her insights on ways brokers can protect their business against fraud. #FraudPreventionFriday#Trucking#Logistics#Fraud#Freighthttps://t.co/KOoX5zi3BH — Truckstop (@trckstopdotcom) May 19, 2023
“We are actively engaging with law enforcement agencies to aid their efforts in combating fraud,” Laurin said. “The Fraud Prevention Friday weekly content series is the latest initiative from Truckstop as we continue to empower those in the freight transportation industry with tools and resources to help protect their business.”
Truckstop also released a survey April 19 that found 78% of brokers lost time resolving fraud-related issues. It also noted 65% of brokers reported that they lost productivity resolving fraud-related issues, while 24% had to deal with legal implications. Truckstop released the survey during the TIA 2023 Capital Ideas Conference in Orlando, Fla.
“Bad actors are becoming much savvier about how they obtain information to defraud brokers and bringing attention to this issue is our focus during the TIA conference,” Truckstop CEO Kendra Tucker said at the time. “It is vital for brokers to have accurate, current data so they can operate efficiently and profitably and not lose time and revenue resolving fraud-related issues.”
Truckstop has long helped its customers minimize fraud risks with this campaign helping to make those efforts more forward facing. Truckstop RMIS Carrier Onboarding is one such service that helps brokers avoid fraudulent activity by qualifying carriers. Truckstop launched the service after acquiring Registry Monitoring Insurance Services (RMIS) in March 2021.
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Prior to that, Truckstop partnered with the cargo theft data service Verisk Analytics’ CargoNet in 2016.
Truckstop isn’t alone with the supply chain visibility provider Overhaul also reporting cargo thefts are becoming a growing issue. The company found in a report May 10 that there were about 1,100 reported incidents of cargo theft in the U.S. in 2022. The average value of these thefts increased 58% to over $360,000. This increase also represented a 29% rise in volume.
CargoNet released a report April 25 that found reported supply chain risk events incidents increased in 2022. The report noted these incidents increased 15% from the prior year to 1,778. Its data indicated that events that involved theft of at least one heavy commercial vehicle increased by 17% year-over-year and events that involved theft of cargo increased by 20%.