Fighting Fire with Fire: Using Technology to Fight Fraud

The freight industry has always been prone to fraud. But the combination of the poor economic situation in recent years and the increasing reliance on technology in an industry with slow adoption of new technologies has created a wealth of opportunities for bad actors.

In response to this widespread threat, Truckstop proactively blocked more than 8,000 potentially fraudulent onboarding attempts for its customers in the first half of 2024 alone. Using its identification verification tools, the company also denied nearly 8,000 carriers access to its RMIS platform due to documentation mismatches. The company also blocked 5,000 suspicious attempts to place or move cargo on the truckstop loading board.

The right technology for the job

As fraudsters become more sophisticated at compromising the security of a carrier's cargo or sensitive information, brokers need access to the best technology available to help them combat fraud by efficiently implementing best practice processes.

Educating employees on evolving scams serves as the first line of defense in combating fraud. This means you need to keep up with evolving tactics and the best security practices that help detect and mitigate them.

This includes adopting technological innovations and integrating tools that can access evolving data, such as Truckstop's groundbreaking carrier verification tool, Risk Factors. Risk Factors analyzes Truckstop's industry-leading data, known for its extensive, comprehensive and up-to-date data. Users get easy access to key fraud indicators: the latest insights on VoIP, VIN, IP address behavior and more on the Truckstop platform, RMIS and the Federal Motor Carrier Safety Administration.

“Truckstop has a database that goes back 30 years,” said Lisa Haubenstock, vice president of product, risk and compliance solutions at Truckstop.

Brokers can use this advanced screening tool to quickly identify behaviors that may be considered “risky” during the carrier vetting process to determine whether they should continue the relationship, further vet the carrier, or terminate the relationship and move on.

“Bad actors are more technologically advanced and have the ability to move faster than the vast majority of companies out there,” Haubenstock said. “If you really want to fight the good fight and proactively prevent fraudulent activity impacting your business, you really have to fight fire with fire, and using technology is the best way to do that.”
The company is currently offering a 14-day free trial of Truckstop Risk Factors. More information about Truckstops Risk Factors and the free trial can be found here.