3PL Summit: Truckstop Reflects on 30 Years of Fighting Freight Fraud

As the freight industry continues to evolve, so do the tactics employed by fraudsters looking to exploit vulnerabilities in the supply chain. At the recent 3PL Summit, Lisa Haubenstock, VP of product at Truckstop, shared insights on the company's 30-year journey in combating freight fraud and the key trends that have emerged over time.

In an interview with FreightWaves, Haubenstock highlighted the multifaceted nature of freight fraud, noting that the industry must address identity theft, physical asset theft, double brokering, and cyberattacks. She also emphasized the importance of understanding the economic cycles that drive fraud trends, stating that fraud is much more heavily correlated with economic cycles than with typical 18- to 24-month rate cycles.

Truckstop's approach to fraud mitigation has evolved over the years, with the company investing in advanced fraud detection and cybersecurity measures. Their Risk Factors tool, which uses AI and data analytics to identify and block suspicious activities, has been instrumental in protecting the platform and its users from fraudulent actors. Additionally, Truckstop has implemented multifactor authentication and strengthened onboarding processes to prevent fraudulent actors from entering the platform.

Collaboration with law enforcement agencies, such as the FBI, has also played a crucial role in Truckstop's fraud mitigation efforts. By working together, Truckstop and the FBI can better understand the extent of the problem and develop strategies to combat it more effectively. This collaboration has led to improved reporting and a more coordinated response to freight fraud.

As the freight industry continues to grow and adapt, so too must the strategies employed to combat fraud. By staying informed about the latest trends and investing in advanced technology, Truckstop has been able to maintain a strong defense against the ever-evolving threat of freight fraud. As Haubenstock noted, "The industry has been talking about fraud as a new thing in freight, but we've actually been tracking reported incidents of fraud for nearly 30 years. It's a constant battle, but one that we're committed to winning."

In conclusion, Truckstop's 30-year journey in fighting freight fraud serves as a testament to the importance of staying informed, adapting to new trends, and collaborating with key stakeholders to protect the integrity of the supply chain. As the industry continues to evolve, so too must the strategies employed to combat fraud, ensuring that the freight ecosystem remains secure and resilient.