The motor carrier Knight-Swift Transportation this week joined the freight industry payments network provided by TriumphPay, as the partners said their cooperation would make transactions more transparent and secure in a time when the trucking sector is reporting a rash of freight fraud.
The news follows another step this week to prevent the jump in carrier fraud, when digital freight matching (DFM) startup Transfix released a security enhancement that uses quick response (QR) barcodes to verify load authenticity with smartphones.
And likewise, the transportation, intermodal, and logistics service provider (LSP) Schneider National Inc. has partnered since 2020 with Overhaul, a cargo security firm which offers real-time supply chain visibility and integrity solutions. The company’s brokerage division, Schneider Transportation Management, collaborates with Overhaul to help shippers contain risk and minimize disruptions in their supply chains.
According to Schneider, freight theft is an increasingly common threat to U.S. shippers, with a 15% increase in U.S./Canada cargo thefts from 2021 to 2022, rising to 1,778 incidents. The trend incurs an average loss of $214,104 per theft.
Toward the same goal, Dallas-based TriumphPay in April announced a partnership with Highway, a technology provider for carrier identity management. The collaboration aims to identify and mitigate double-brokering fraud schemes that are increasing in frequency, scale, and sophistication, the two firms said.
“Our partnership with Highway will significantly strengthen our efforts to combat double-brokering fraud in the freight industry, which we estimate affects $500 to $700 [million] worth of freight annually,” Melissa Forman, president of TriumphPay, said in a release at the time. “By combining our resources and expertise, we’re providing our customers with an invaluable tool for detecting and mitigating fraud while improving the overall payment experience for carriers.”