Last month, Phoenix, Arizona hosted the TIA Capital Ideas Conference. This meeting highlighted third-party logistics (3pl) providers, creating an opportunity to interact with other top industry representatives to discuss current market conditions.
A focal point of this conference was Logistic Dynamics' Mike Cannistra’s (VP of Truckload) co-presentation with Kyle Patterson of DAT Freight & Analytics. The presentation showcased an industry leading topic that has affected all logistic companies – fraud prevention. Fraud continues to plague our industry, with roughly 40% of TIA members believing that cyberthreats will highly affect their company in 2024.
As part of TIA’s Learning Lab, Cannistra’s presentation was titled “Network Governance: Strategies to Defend Your Brokerage Against Industry Fraud”. Prevention is important, because it emphasizes proactive response instead of reactive, and in our current state, prevention remains the most important strategy to stay ahead of malicious attempts against your company.
Much like cybersecurity, simple actions can be the barrier needed between your business and a successful hacking attempt. Logistic Dynamics intercepts multiple attempts daily. Each presented issue can come from a multitude of external forces, our team has to remain vigilant and on the look out for potential threats by vetting every potential partner with. Mike suggests working with those who you know and have been in business for an extended period of time. Currently, our industry has seen many new businesses that may not have a long-standing reputation. Instead of risking your load and brand reputation on a new vendor, try working with companies you know and that you don’t have to worry about while the load is transit. As Cannistra’s presentation discussed, you are only as strong as your relationships.
Other prevention tips from the Network Governance presentation include:
- calling your Carrier to verify the load has arrived on time
- limit the information given on your Rate Confirmation
- use GPS or ELD tracking on ALL loads (this will also save a call!)
- verify the Carrier information such as their given contact information versus FMCSA
- check their insurance details
“We’re thankful to be a part of such a great conference, it’s important that all 3pl’s come together to fight on the same side and discuss what they see day-to-day” said Logistic Dynamics VP of Truckload, Mike Cannistra. “The malicious actors keep getting smarter and adapt their strategies, so we must do the same. This is the best way to discuss our next steps as a team. Having it be in person with groups like DAT and TIA is even better,” said Cannistra.
No matter if our company is at the latest TIA conference or sharing information on our social media pages, our goal is to keep your business informed and continue to discuss the importance of preventing double brokering, fraud, and theft.
