Prepared for Glacier | Delivered February 17, 2020
To identify 5 - 7 insights on how effective the updated Fighting Fraud in Transportation Act has been at reducing transportation fraud.
Our preliminary findings indicate that statistics and information relating to transportation fraud or fraudulent pick-up crimes in the freight forwarding industry is generally scarce. This is because
most insurance companies
do not typically distinguish fraud from actual theft and regard both instances as "cargo theft."
Cargo theft, which comprises fraud or fraudulent pickups, load theft, truck hijacking, and burglary, has been on the rise with 188 cases reported across the US and Canada in the third quarter of 2018, with losses estimated at
Also, most trucking or freight forwarding businesses prefer to not report instances of cargo theft to avoid negative attention and potentially increasing their insurance premiums, so the actual prevalence of the crime is lesser than reported.
most prominent scam
s in freight forwarding include holding the good’s Bill of Lading (BOL) for ransom; creating a duplicate name and website of active and trusted businesses, and using the identity for fraudulent purposes, and outright theft of cargo.
616 assignments | 5.0