🎣 Phishing for Your DAT Login

Good Monday morning. DAT phishing scams are becoming increasingly difficult to differentiate. Additionally, we probably won't see a market flip until 2025. Elite Transit Solutions isn't paying its employees. Plus more.

In today's email:

• Three Freight Headlines: Elite Transit's payroll dilemma, inventory surpluses forecast a 2025 correction, and Thailand's Bypass could reshape U.S. trade dynamics.
• Advanced Phishing Tactics to Snag Login Data
• Around the Freight Web: POV of women in freight, DAT's software market lead, and possible East Coast port strikes.
• Freight Meme of the Day

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🐔 WHAT’S COOKIN’ IN FREIGHT

💸 Elite Transit Payment Woes. Elite Transit Solutions faces a severe crisis as CEO Michael Johnson struggles to pay staff and carriers post-layoffs. Promises of forthcoming payroll remain unmet, leaving ex-employees and carriers without two weeks' worth of wages. Amidst financial distress, the company's future hangs by a thread with Johnson's hopeful deals failing to materialize. The ordeal reflects a dire situation for those affected, with the industry taking note of the company's apparent downfall and the human hardship it's caused.

🔄 Inventory Outlook: 2025 Reset. FRED's data reveals a growing retailer inventory-to-sales ratio, suggesting growing inventory excess. Logistics insiders predict the restocking wave might pull back, not pick up, as sales slow. This trend forecasts a major impact on trucking and logistics as short-term warehouse space demand may increase as goods linger longer. Additionally, a decrease in transport is possible if sales continue to lag behind inventory levels. Where's the turnaround? It may not be until 2025 that the industry sees a rebalance and more normalized freight movement.

🌊 Thailand's $28B Project to Bypass Malacca Strait. Thailand proposes a game-changing project to the US, cutting shipping times between the Indian and Pacific Oceans by four days and reducing costs by 15%. The U.S. could benefit from having an alternative to the congested Malacca Straight, helping to diversify trade routes and reduce the risk of disruption. The Bypass project could also bolster U.S. relations with Southeast Asia and reduce China's maritime influence, aligning with strategic U.S. interests in the region.

TOGETHER WITH RAPIDO

Rapido is a top nearshore staffing company providing logistics and supply chain talent to companies in the United States. Based in Guadalajara, Mexico, Rapido offers a unique combination of cost savings and access to a skilled workforce, making it an attractive option for American logistics businesses.

See what makes nearshoring to Mexico an attractive option for scaling a logistics company and how partnering with Rapido Solutions Group simplifies the whole process.

Advanced Phishing Tactics to Snag Login Data

An alert member of the FreightCaviar community has brought a sophisticated phishing scam to light. A fraudulent entity was posing as the well-known load board, DAT, sending emails from case@onedatfreight.com, falsely claiming to cancel a setup and urging carriers to check a report.

This suspicious email included a copied Carrier 411 freight guard report—a clear red flag considering there's no partnership between DAT and Carrier 411.

Other Red Flags:

• The grammar and language are poorly written, which wouldn't be the case with a legitimate company.
• Why would DAT cancel a setup? It would be the broker, not DAT, who would cancel a setup.
• Upon visiting the website onedatfreight.com (which has since been taken down), it seemed legitimate, but it was actually a complex scheme designed to steal DAT login credentials. Clicking "View Latest Updates" in the bottom right corner did nothing. The legitimate DAT website is one.dat.com.

FreightWaves' further investigation revealed that the IP address had a company called Beget LLC in Russia as the host of the site. The scam was so well-crafted that even Craig Fuller, Founder & CEO of FreightWaves, was impressed by its sophistication.

Meanwhile, Andrew Silver, the former CEO and co-founder of MoLo, sarcastically says that the scam website's functionality should have been enough of a giveaway.

DAT's communications director, Annabel Reeves, stresses that fraud prevention is a team effort. She encourages the immediate reporting of any suspicious activities to their customer service and emphasizes the importance of sending screenshots rather than forwarding the actual phishing emails.

This incident is not an isolated one, as similar schemes have been spotted on TruckStop, another major load board, where phishing emails have been circulating for months.

The gravity of this situation is highlighted by a 400% increase in marketplace fraud from Q4 2021 to Q4 2022, signaling an unprecedented rise in the industry's fraud incidents since records began in 2004, according to FreightWaves.

Given the increasing sophistication of these types of scams, it's crucial to develop and adhere to an email protocol, and to be aware of the signs of phishing. You should never log into any service from an unsolicited email prompting you to do so.

TOGETHER WITH ISOMETRIC TECHNOLOGIES (ISO)

Today's newsletter is also brought to you in collaboration with ISO, the industry leader in delivering unparalleled transparency and reliability in logistics performance through their one-of-a-kind scoring system.

AROUND THE FREIGHT WEB

🤷‍♀️ POV: You're a Woman in Freight. A woman in the freight industry shared a typical yet unprofessional message from a male colleague, shedding light on the everyday experiences of women in this field.

📊 Freight Software Market Dynamics. DAT leads the mid-cap freight brokerage software market, while Greenscreens.ai makes a commendable entry, emphasizing transparency and profitability without excessive funding.

🚢 Union Alert on East Coast Ports. A potential strike in October 2024 looms as the International Longshoremen’s Association warns of contract expiration with East Coast US ports. The East Coast has not seen a major longshore workers strike since 1977.

🔋 Musk's Megacharger Plan. Tesla seeks $100 million from U.S. government to build Megacharger stations, vital for its electric Semi trucks.

🤝 M&A Acceleration. The mergers and acquisitions market is gaining momentum, indicating an active phase for the logistics and transportation sectors.

⚠️ Houston Truck Limits. Houston considers restrictions on cargo truck movements within city limits to alleviate traffic and safety concerns, affecting vehicles over 26,000 pounds.

📊 Port Volume Updates for October: Savannah experienced its fourth-busiest October, moving 449,000 TEUs, signaling a resilient performance amid a general downtrend. Long Beach saw a 15% surge, handling 755,150 TEUs, marking a rebound as it aims to regain market share. Los Angeles processed 725,775 TEUs, up 7% year-over-year, with Zim's express service boosting its standing as a key trade hub.

FREIGHT CONFERENCES WE'RE ATTENDING

Manifest Vegas, February 5 - 7, 2024, is the world's largest global supply chain & logistics tech event, bringing together Fortune 500 global supply chain executives, logistics service providers, cutting-edge startups, venture investors, and technology leaders.  Join 4,500+ supply chain innovators to foster new strategies and relationships. Receive $200 off your ticket with our exclusive link.

FREIGHT MEME OF THE DAY

Want to get your brand noticed by freight brokers? FreightCaviar can help. Work with us to get your services featured in our newsletter, podcast, and more. Plus, we write great articles about what you do. Get in touch with Paul at pbj@freightcaviar.com to learn more.