fraud prevention

‘Owner’ of fictitious logistics firm sentenced in $2.8M COVID relief

A freight-related Paycheck Protection Program loan scam wrapped up recently with the second of two convicted Ohio women receiving her final sentencing.

In March 2024, Lorie A. Schaefer, 63, of Westerville, and Latisha C. Holloway, 42, of Reynoldsburg, were indicted on charges of orchestrating a multimillion-dollar fraud scheme involving COVID-19 relief funds. They illegally obtained more than $2.8 million in PPP loans through falsified documents and fraudulent business claims.

Schaefer...

https://www.freightwaves.com/news/owner-of-fictitious-logistics-firm-sentenced-in-2-8m-covid-relief

Training and technology can mitigate fraud risk

Fraud, theft and scam tactics have been an incredibly worrying topic of discussion across the freight industry over the past year, and the issues are only growing as technology continues to become more sophisticated.

Although Truckstop has been tracking reports of fraud across its entire customer base for 30 years, Lisa Haubenstock, vice president of product, risk and compliance solutions, says incidents of fraud have risen to unprecedented levels in the past few years. 

“From the point of view...

https://www.freightwaves.com/news/training-and-technology-can-mitigate-fraud-risk

Fireside Chat: Carrier Assure CEO talks fighting supply chain fraud

This fireside chat recap is from FreightWaves’ Domestic Supply Chain Summit on Wednesday.

FIRESIDE CHAT TOPIC: How to keep up with changing fraud tactics

DETAILS: Cassandra Gaines, CEO of Carrier Assure Inc., discussed fraud as a major problem in the industry and what carriers can do to combat it. One new scam she talked about involves fraudsters altering the bill of lading or proof of delivery to barely change the amount of a product being transported while stealing the rest. These individuals...

https://www.freightwaves.com/news/fireside-chat-carrier-assure-ceo-talks-fighting-supply-chain-fraud

Fireside Chat: Shipping rates still low, says KCH Transportation director of pricing

This fireside chat recap is from FreightWaves’ Domestic Supply Chain Summit on Wednesday.

FIRESIDE CHAT TOPIC: 2025 Outlook and Beyond with Henry Byers

DETAILS: Henry Byers, Director of Pricing at KCH Transportation joins us to talk about what to watch for in 2025 including pricing trends, trucking capacity and macroeconomic impacts.

KEY QUOTES FROM HENRY BYERS:

“I think overall, as far as rates are concerned, it seems to me that a lot of shippers are still securing really unrealistically low...

https://www.freightwaves.com/news/fireside-chat-shipping-rates-still-low-says-kch-transportation-director-of-pricing

Descartes tackles fraud in latest acquisition

Supply chain software provider Descartes announced Wednesday it has acquired Assure Assist, which does business as MyCarrierPortal (MCP). The company provides technology allowing brokers to accurately identify and authenticate carriers. Descartes paid $24 million upfront and has committed to pay another $6 million in earnout based on the combined entity achieving certain revenue targets over the next two years.

“Carrier fraud and cargo theft is an ongoing problem in the transportation industry....

https://www.freightwaves.com/news/descartes-tackles-fraud-in-latest-acquisition

Leveraging network effects to mitigate risk

From Jan. 1, 2023, through 2024, TriumphPay has prevented $113.58 million in potential losses through the capabilities of the TriumphPay Network. An upcoming white paper by FreightWaves, in partnership with TriumphPay, examines how the Network identified and prevented potential losses for Network participants.

The Network is modernizing and simplifying freight transactions. By exchanging real-time structured data, the Network reduces inefficiency, automates secure transactions, and provides...

https://www.freightwaves.com/news/leveraging-network-effects-to-mitigate-risk

Check Call: New year, new schemes 

(GIF: GIPHY)

New year, new schemes. Kind of like new year, new me, but for shady characters who are hoping to level up their games this year. Fraud is a billion-dollar industry and it’s truly just a matter of when it happens to you. For brokers looking to not fall victim in 2024, we’ve got some tips and tricks for you.

Hard passes: 

Carriers operating with inactive or revoked authority/carriers operating with newly issued authority.

  • This one can kind of be OK-ish if you can verify through...

https://www.freightwaves.com/news/check-call-new-year-new-schemes

Amid rise in fuel theft, two companies collaborate to safeguard fleets

Imagine one day, while you are checking a driver’s fuel card statements from the previous month, you notice some suspicious transactions. Someone made purchases in Texas, but you know your driver — who is the only other person besides you with authorized card access — was in Missouri that day.

Somehow, an unknown person got ahold of one of your fuel cards and the personal identification number (PIN) attached to it. The fraudster’s spending spree has racked up thousands of dollars and left you to...

https://www.freightwaves.com/news/amid-rise-in-fuel-theft-two-companies-collaborate-to-safeguard-fleets