The Freight Fraud Epidemic: Understanding and Combating the Growing Threat with Shawn Rasmor of Truckstop

Freight Nation: A Trucking Podcast

In this episode of Freight Nation: A Trucking Podcast, host Brent Hutto is joined by Shawn Rasmor, Principal Product Manager at Truckstop.

Join them as they explore:

• The rise and impact of freight fraud in the industry.
• The role of technology in detecting and preventing fraud.
• Importance of human intelligence alongside digital tools.
• Strategies for building trust in the freight market.
• Collaboration among industry players to combat fraud.
• Real-world examples of fraud cases and preventive measures.

Shawn Rasmor is dedicated to combating fraud in the freight marketplace. He deeply understands fraud prevention techniques and is passionate about protecting carriers, brokers, and shippers from malicious actors. His work involves developing technical barriers to deter fraud and safeguard the industry.

Episode Highlights:

[03:30 - 04:51] Shawn highlights the pervasive nature of fraud in the freight industry, noting that it can occur at every touch point. He explains that fraudsters are adapting their tactics, moving from creating fake carriers to exploiting vulnerabilities through emails and phone calls. Shawn emphasizes, "They're learning and adapting continuously," making it increasingly difficult to differentiate between legitimate and fraudulent actors. He stresses the need for vigilance across all communication channels to detect these schemes that are getting more sophisticated.

[09:10 - 10:50] Shawn talks about the rapid adoption of advanced technologies by fraudsters to disguise their identities and evade detection. He explains that while companies could significantly benefit from adopting similar efficiencies, they are often slow to do so. Shawn highlights that "bad actors are out there, they're adopting technologies" to enhance their concealment tactics. He stresses the importance of implementing robust policies and technological safeguards to protect against these evolving threats.

[12:28 - 14:40] Shawn notes the surge in fraud within the freight industry, noting a significant spike beginning in October 2022. Shawn notes that the reported cases of fraud, including double brokering and stolen loads, were meticulously verified by their assurance team. He points out that these fraud patterns surged notably around November and December, reminiscent of past economic downturns like the 2009 recession. Shawn explains that economic hardships often drive individuals to cut corners, which can lead to increased vulnerability to fraud. As Shawn puts it, "bad actors, it's like blood in the water, sharks attacking," illustrating how fraudsters exploit such conditions for their gain.

[24:40 - 26:20] Shawn discusses Truck Stop’s advanced tools and strategies for combating fraud in the freight industry. He highlights the use of their risk factors tool, which identifies risk signals even outside their platform, and underscores the importance of surveillance technology in monitoring bad actors. Shawn reveals that Truck Stop actively posts compromised identities and has removed hundreds of fraudulent accounts from their load board. He emphasizes that their risk management platform, RMIS, helps notify participants of potential threats. Shawn states, "When we get made aware of a situation, we're going to look over on RMIS and notify participants," showcasing their proactive approach to fraud prevention.

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