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TIA (Transportation Intermediaries Association) is taking a proactive approach to tackling the rampant issue of freight fraud plaguing the supply chain industry. Teaming up with the International Factoring Association, TIA's Fraud Task Force aims to shed light on the frequency and cost of fraud in the sector. Recognizing that fraud is a top concern for its members; TIA is determined to raise awareness among federal agencies and law enforcement about the magnitude of the problem.
With an estimated $500 million to $700 million in losses annually, fraud poses a significant threat to the trucking and logistics industry, generating over $700 billion in revenue annually. Perpetrators of freight fraud adopt various strategies, such as posing as legitimate carriers or dishonestly re-brokering loads. In an effort to combat this issue, TIA provides resources like the "Fraud in the Supply Chain" course and an updated Framework to Combat Fraud.
Collaborative efforts, like those between TIA and the International Factoring Association, are crucial to protecting the industry's integrity. Additionally, TIA will soon release a whitepaper outlining best practices for shippers to reduce the risk of freight fraud and enhance their relationships with brokers. This comprehensive quarterly Fraud Report, slated for release in Quarter 2 2024, signifies TIA's commitment to confronting fraud head-on and safeguarding the supply chain ecosystem.
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