The Rise of Fraudulent Carriers: A Growing Threat to Freight Brokers

Challenge

Strategic theft threatens the supply chain, reported loss values exceeding $34 M in Q2 of 2024. The rise of fraudulent carriers in the freight market poses significant challenges for freight brokers–costing brokers lost revenue and damaged reputations.

Results

Ping Identity ensures credentials are verified in a single place to instantly and reliably authenticate a user, which will help minimize fraud.

Objective

Attacks are becoming more frequent and sophisticated. Truckstop wanted an identity partner with a platform that allows the ability to assess risk in real time, adapt, and respond. This not only helps secure Truckstop products, but also works to minimize brokers’ vulnerability across the supply chain.

Challenge

Fraudulent carriers often use fake credentials and stolen identities to secure loads, only to disappear with the goods, leaving brokers to deal with the fallout. As for carriers, they risk stolen identities which can result in personal and professional financial losses and reputational damage. This trend also erodes trust within the industry, making it harder for brokers to confidently engage with new carriers. For carriers, identity theft can limit their ability to secure the loads they need to keep their business moving.

Solution

Ping’s identity verification process is a crucial first step in identifying fraudulent behavior. Brokers can enhance security measures by incorporating multi-factor authentication (MFA), real-time user behavioral risk assessments, and biometric verification. These technologies provide an additional layer of protection, ensuring only ID verified carriers can access and operate within the system.

Millions

Saving money by reducing fraud

Results

Ping has been particularly powerful in RMIS, Truckstop’s carrier onboarding and monitoring tool for brokers. Identity verification minimizes fraud risk by providing brokers with a simple visual indicator—a badge—showing whether a carrier has been verified. Verification takes just a few minutes with a click of a button, offering peace of mind and reducing fraud for Truckstop's brokers.

Industry

Solutions Used