In today's e-commerce world, fraudsters exploit new opportunities, costing the trucking industry over $100 million annually in freight fraud. Safeguard your haul and peace of mind with Apex Capital - call us at (855) 973-1584 to get started.
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Protect your trucking business from freight fraud with more expert tips: www.apexcapitalcorp.com/blog/freight-fraud/
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Don't let your trucking business fall victim to freight fraud, as e-commerce and online transactions become more common frauders are adapting and infiltrating all kinds of businesses.
In 2018 alone, consumers lost $1.4 billion to scams a shocking 38% increase from the previous year. But it's not just the usual credit card or online shopping scams. Freight fraud in particular is on the rise. According to FreightWaves, the trucking industry loses over $100 million annually due to fraudulent activities.
So how can we defend against this widespread threat? The first line of defense ensuring accuracy on the bill of lading or BOL for payment, but here vigilance is very important. Waiting until paperwork reaches a factoring company may be too late, as you may have already hauled a load from a fraudulent broker. Recognizing the red flags of freight fraud is essential.
At Apex Capital, we're dedicated to protecting our clients and hardworking truckers. Here are some telltale signs to watch for and the tools Apex offers: be sure to run a credit check before taking any load, even from a trusted broker.
If there's a note advising you to verify the load's legitimacy, make that call. Contact the broker's account's payable department for further verification. As an Apex client, you can enjoy free credit checks, a tool that could save you valuable time and money.
Watch out for suspicious paperwork: look for discrepancies, whited out sections, different font sizes, spelling errors, and no contact numbers. Be cautious of Gmail or Yahoo email addresses. Keep an eye out for multiple names on rate confirmation sheets or instances where the names on the sheet don't match a legitimate broker's name.
If something seems off, Apex clients can consult their Account Executives. Steer clear of quoted rates that seem too good to be true. Be careful with brokers who tell carriers to send their trucks to a shipper before they even have the rates. Also watch out for pushy brokers demanding or rushing a bill of lading.
At Apex Capital, we've got your back. Our clients enjoy unlimited credit checks, 24/7 through our mobile app and client portal. With a dedicated account executive, you're never alone in facing suspicious paperwork.
Apex Capital, safeguarding your haul, your money, and your peace of mind. Call us today to learn more.
Chapters:
00:00 Introduction
00:25 The Impact of Freight Fraud in the Trucking Industry
00:37 Tips to Avoid Common Freight Scams
01:09 Running a Credit Check on Potential Loads
01:29 Look at the Bill of Lading and Rate Sheet
02:08 How Apex Capital can Help