#United States #Austin #AI Technology #Overhaul #Freight Fraud

Overhaul Introduces Overhaul FraudWatch

In a rapidly evolving supply chain landscape, the issue of freight fraud looms large, costing the U.S. transportation sector hundreds of millions annually. Overhaul, a prominent player in active supply chain risk management, has unveiled its innovative solution, Overhaul FraudWatch, designed to empower shippers and third-party logistics (3PL) providers in the fight against these fraudulent activities.

The Growing Threat of Freight Fraud

According to reports from the Transportation Intermediaries Association (TIA), truckload freight fraud has emerged as a major threat, with 98% of logistics firms citing it as a significant vulnerability. The average financial detriment exceeds $402,000 per company each year, underscoring the urgent need for robust fraud detection mechanisms. In fact, individual fraudulent shipments can result in losses surpassing $40,000. The evolution of these fraudulent schemes—from fictitious pickups to carrier identity theft and double brokering—indicates that traditional anti-fraud measures are no longer sufficient. What once represented less than 5% of cargo theft now constitutes over 35%, urging supply chains to adopt more advanced protective strategies.

Barry Conlon, CEO of Overhaul, emphasizes the critical nature of these threats: "Fraud is no longer a risk you can afford to ignore—it's a crisis affecting businesses of every size," asserting that FraudWatch is equipped with the necessary tools for identifying vulnerabilities and reinstating security in operations.

Key Features of Overhaul FraudWatch

Overhaul FraudWatch is touted as the most advanced fraud detection solution within the industry, leveraging vast amounts of data to offer actionable intelligence for safeguarding supply chains. Here are its standout features:

• - High-Risk Carrier Identification: Using advanced AI-driven scoring derived from millions of shipments, the system detects indicators of fraud, such as compliance issues and sudden risk occurrences.
• - Real-Time Intelligence: Overhaul's intelligence team actively identifies fraudulent entities, pushing alerts to users promptly through the platform to counteract threats.
• - Instant Notifications: Users receive immediate alerts regarding any unauthorised pickups, suspicious double brokering activity, and more, enabling swift responses.
• - Unique Law Enforcement Connectivity: The solution grants special access to law enforcement channels, providing visibility into organized fraud rings and emerging criminal patterns.
• - Seamless Integration: Designed for immediate impact, the system effortlessly integrates into existing workflows, utilizing platform tools or APIs to deliver crucial insights.

Geographic Impact

Notably, states like California, Texas, and Illinois are at the forefront of this fraudulent activity, with California accounting for a staggering 37% of freight fraud incidents alone, as outlined in Overhaul's latest cargo theft report. As fraudsters adopt more sophisticated tactics, it is evident that supply chains must evolve and implement comprehensive strategies for regulation.

"With Overhaul FraudWatch, we're not just responding to the problem—we're staying ahead of it," Conlon emphasizes, underlining the solution's potential to empower businesses with the clarity and command over their operations necessary to thwart emerging threats.

Take Action Now

Having undergone market testing on thousands of shipments, Overhaul FraudWatch has already helped customers avoid losses exceeding $100 million. The solution is currently available to new customers and promises dedicated support and rapid implementation for those looking to bolster their operations against fraud.

For those eager to leverage this cutting-edge fraud detection solution, more information can be found on Overhaul's website or by contacting them for assistance. Since its inception in 2016, Overhaul has established itself as a leader in supply chain risk management, utilizing advanced technology and strategic partnerships with law enforcement to deliver unparalleled cargo protection and rapid response in the face of threats.

As the supply chain landscape continues to grapple with the complexities and challenges of freight fraud, Overhaul's proactive approach aims to ensure safer logistics operations, protecting both enterprise and consumer interests in this critical sector.