Truckstop’s Fraud Prevention: Leveraging Technology for a Safer Freight Market

Fraud has been ramping up over the past few years in the freight market, and 2024 is no exception. This continues to create big challenges for carriers and brokers. At Truckstop, we know that the best way to fight this problem is by leveraging data to guide our strong fraud prevention methods and protect our customers at every turn. By using advanced technology, our platform helps carriers and brokers spot risks before they become serious issues.

Focusing on data security and transparency protects our customers and builds trust. As fraudsters keep changing their tactics, we’re committed to providing the tools and support carriers and brokers need to operate safely and confidently in a constantly changing market. This helps businesses improve their operations, increase efficiency, and make more money through informed decisions.

“Fraud in the freight transportation industry is rapidly evolving in nature, and we work closely with our customers and partners to learn and adapt quickly,” said Kendra Tucker, chief executive officer, Truckstop. “As bad actors keep changing their tactics, we’re committed to providing the tools and support carriers and brokers need to operate safely and confidently in a constantly changing market.”

We have doubled down on our fraud mitigation, successfully preventing thousands of fraudulent entities from accessing our network, resulting in the most secure freight marketplace and trusted network.

Focused on fraud prevention to ensure a trusted network

Our Truckstop products have a proven track record of combating fraud. Through July 2024, our advanced fraud mitigation systems have successfully identified and prevented bad actors and suspicious activity.

January through July stats:

• 8,605 potentially fraudulent attempts to onboard and create an RMIS account were blocked.
• 7,798 carriers were denied identity verification and RMIS access due to mismatched documentation.
• 5,086 suspicious attempts prevented from participating on the Truckstop load board.

2024 fraud facts

According to CargoNet’s cargo theft data reports, fraud is still plaguing the industry. Through Q2 2024, reports indicate:

• Over $100M in total loss value resulted from freight market fraud.
• Just under 1,700 theft incident reports were filed.
• 60% of all thefts occur in California, Texas, and Illinois.
• Double-brokering continues, but scammers are finding new ways to infiltrate.

Tapping Into Expert Insights

In the face of this ongoing disruption to the supply chain and the devastating financial threat it poses, brokers and carriers continue to feel vulnerable and unsure of how to adequately protect their businesses.

That’s why Truckstop continues its longstanding partnership with law enforcement, such as the FBI’s Major Theft Organization (MTO), to stay up to date with the current cargo theft landscape, emerging trends and tactics used by thieves, and ways you can partner with the FBI to strengthen your defense.

The FBI’s multi-pronged approach to combat fraud includes opening key cases, working closely with other law enforcement, training new agents in the field, and leaning on industry leaders, like Truckstop, to gain essential insights. Collaborations like this are critical to successfully win against the bad guys and prevent their nefarious intentions from ever coming to light.

Upgraded security measures

Enhanced multi-factor authentication (MFA)

More than 80% of confirmed security breaches are a result of weak or stolen passwords or those used to log in to multiple accounts. MFA is a security protocol that mandates users to present two or more distinct authentication factors to confirm their identity before gaining access to a system, application, or account. Detecting potentially compromised credentials provides smooth access across both the Truckstop platforms and creates a trusted and reliable network.

ID Verification

This additional security step proactively helps keep unauthorized users out of your trusted network. ID Verification compares an individual’s government-issued ID with a real-time photograph to confirm whether the individual initiating the verification matches the photo on their ID. RMIS carriers are required to undergo this process annually or if their government-issued ID expires.

Enhanced security measures enable brokers to rapidly and confidently onboard verified carriers, creating trust and expanding their networks.

Carriers recognize the importance of ID Verification for securing broker contracts and building strong business relationships. By protecting their reputation and diligently managing their carrier profiles, they position themselves as reliable partners.

Verification and validation

Fraud is a major headache for brokers, with 78% of brokers spending valuable time tackling it, according to a Truckstop survey. Lost productivity (65%) and legal hassles (25%) only add to the burden. Truckstop RMIS, the industry-leading carrier onboarding and monitoring solution, leverages proven, scalable technology to help you onboard high-quality carriers with proven identities and secure your business at the entry point. And we just keep making it better, stronger, and more secure.

Risk Factors

Our recent addition to the fraud prevention arsenal includes Risk Factors. Designed to work within a broker’s existing workflow, Risk Factors analyzes billions of signals from Truckstop proprietary, licensed, and public data to deliver a risk assessment and easy-to-read summary of a carrier’s potential risk indicators.

Risk Factors is the only risk detection and fraud mitigation solution accessible as an Outlook Add-in, Chrome Extension, Microsoft Edge Extension, and API. This enables brokers to work seamlessly on any webpage, including Gmail, and TMS so they can vet carriers in real-time.

With Truckstop security tools in your arsenal, you can act quickly and confidently to find suitable freight professionals and assure your customers their freight is in the best hands. At Truckstop, we won’t stop until the criminals do.