Manifest Conference 2024: Outsmarting Fraudsters in the Freight and Logistics Industry

Securing today’s Freight, Supply Chain and Logistics Industry

The Manifest Conference 2024, February 5-7 in Las Vegas, is a premiere gather for the U.S. freight, supply chain and logistics industry, which is a critical component of the country's economy accounting for approximately 8% of GPD. Over 5.6 million people are employed in the industry, transporting over 11 billion tons of freight valued at more than $38 trillion dollars. The conference will highlight solutions for challenges facing the industry today, including capacity constraints, supply chain disruptions, and a wide range of security and fraud concerns. 

Freight and logistics companies already understand the importance of investing in new technologies such as GPS tracking, telematics, and warehouse automation to enhance efficiency  and improve supply chain visibility. Today, technology investments are shifting to new categories, including fraud prevention platforms and secure digital marketplaces. At Manifest 2024, you’ll hear much more about these fraud solutions, including Verosint’s own real-time account fraud prevention platform which you see at booth K19 for live demos.

Tackling One of the Biggest Challenge: Fraud in Freight and Logistics 

Fraud is one of the fastest growing and most pressing challenges in the industry due to complex supply chains, lack of transparency, increased value of cargo, digital marketplaces, and load boards. In particular, load boards and freight marketplaces are frequent targets of fraud which has been increasing dramatically over the last year. Some of the associated risks include: 

• Identity Theft and Impersonation: Fraudsters may impersonate legitimate carriers, brokers, or shippers to gain access to shipments or payments. This can lead to unauthorized pickups, cargo diversion, and fraudulent transactions.
• “Double Brokering” and other Load Board Scams: Scammers may post fake loads on online load boards, impersonate brokers, and entice carriers to move shipments they won’t get paid for.
• Fictitious Pickup or Delivery: Fraudsters may pose as legitimate drivers and falsely claim to have picked up or delivered a shipment. This can result in cargo theft, delays, and disputes.
• Bogus Brokerages: Some fraudulent brokers may operate without proper licensing or insurance, misrepresenting themselves to carriers and shippers. This can lead to financial losses and legal liabilities.
• Invoice and Payment Fraud: Fraudulent invoices, double billing, and payment diversion schemes can lead to financial losses for logistics companies.
• Phantom Shipments: Fraudsters may claim to have shipments in transit, convincing shippers or receivers to make payments or release cargo. In reality, there may be no actual shipment.
  

Companies can take steps to minimize these risks by implementing robust security and fraud prevention platforms and training employees to quickly recognize and respond to fraud attempts. Fortunately, modern fraud platforms are able to automate many preventative measures in real-time and at scale, providing increased security and efficiency to reduce fraud while also securely delivering a frictionless user experience for your legitimate customers. 

Seeing Leading Fraud Solutions at the Manifest Conference

The Manifest Conference will be at the forefront of exhibiting a wide range of these security solutions with direct access to the people and products that are securing the way the world moves freight. Verosint will be at Manifest in booth K19 to discuss best practices to prevent account fraud in the industry, as well as demonstrate the Verosint Platform, which provides real-time account fraud prevention. 

Verosint provides an enterprise proven solution that was instrumental at preventing account fraud for DAT Freight & Analytics, a market leader that connects over 2 million shippers, brokers and carriers in a digital marketplace that moves $150B of freight annually. Like others in the industry, DAT Freight and Analytics faced an increase in account fraud that needed to be addressed to protect customer satisfaction and the company’s position as an industry leader. 

DAT Freight & Analytics turned to Verosint’s account fraud discovery and prevention solution which was implemented in just one and a half days. Once live, Verosint immediately discovered account fraud hiding within the platform including discovery of linked multi-national fraud rings hiding behind fake accounts that were conducting fraudulent bids and transaction. Verosint was able to dramatically reduce account fraud and make a significant, immediate impact at the company within the first 90 days including:

• Blocked 49,500 fraudulent registration attempts 
• Savings of 25,000 labor hours 
• Automatically blocked unqualified account registrations 
  

Find out more about how Verosint can help transform fraud prevention efforts, either by visiting Verosint at Manifest from Feb 5-7 at booth K19, or by attending a joint DAT Freight & Analytics and Verosint case study webinar on Feb 6 at 2pm EST by registering online.