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TIA's 2024 report shows a sharp rise in freight fraud, urging logistics companies to adopt stronger fraud prevention measures.
According to a new report from the Transportation Intermediaries Association (TIA), the logistics industry is facing a massive surge in fraud that is costing companies millions.
In the report, TIA describes an industry "under siege" by increasingly sophisticated fraudsters, urging companies to evolve their defenses. The 12-page report compiles responses from nearly 200 industry professionals between February and August 2024.
The average company surveyed lost over $400,000 to fraud, with some facing losses exceeding $1 million. One respondent, Rob Hoffman of Dedicated Carriers, shared how a load of $50,000 worth of goods was held ransom by criminals demanding $40,000. (TIA Fraud Report Page 4)
Fraud prevention remains a huge time drain, with 19% of companies spending an entire day each quarter on prevention alone. Despite efforts, fraud continues to evolve, requiring constant vigilance.
If you would like to read TIA's latest report, you can do so here.
Source: Freight Waves | TIA
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