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How to identify and avoid freight bill frauds

The logistics and freight industry is worth over nine trillion dollars worldwide. This makes it an attractive avenue for scammers to make easy money. To ensure their safety, companies must take stringent measures, such as hiring reputable contractors and following security guidelines. Being aware of common freight bill frauds and how to avoid them can also help companies keep their shipments and profits safe and sound. Some common scams include:

Fake load booking
In many cases, the scammers work in tandem with drivers to make fake load bookings. Here, they steal the company’s identity and place it on an illegitimate truck. Since this looks legit to an outsider, customers may hand over their shipments for moving. However, this shipment then gets stolen, making one’s company look responsible for the loss.

To avoid this, provide customers with proper bill details and a toll-free number so customers can verify the company’s identity.

Double brokering
Many companies also engage in double brokering, where goods are transferred from one freight carrier to cheaper options without any authorization. This increases the risk of losses, thefts, and delays. Companies must always be notified in case of such transfers and receive formal documentation to maintain transparent transactions. Additionally, they must also conduct extensive research before making shipment bookings.

Fraudulent bills of lading
Another common freight bill fraud is the issuance of incorrect or fraudulent bills of lading. These are used to launder money or engage in illegal activities, and are most frequently seen with oceanic shipments. To avoid this from happening, companies must ensure that their inventory in the BOL matches with the received shipments.

In some cases, the scammers may also hold the bill of lading to ransom. They may provide a really low offer initially to dupe customers and then cause issues later. Without a bill of lading, the freight forwarding company will not be able to access the shipment. The scammer may demand extra money over the phone or email to release the goods.

Cargo theft
Scammers may also offer very cheap rates for the movement of cargo. However, once this has been handed over to the freight forwarding company, there will be no visibility unless one has received a formal receipt or bill of lading. Do not trust any services that do not provide such a receipt or bill.

One must exercise caution when choosing a carrier to stay safe from such frauds. Keep the following in mind:

– Always run a credit check on the carriers.
– Verify their DOT number, MC number, license, and other details before making new bookings.
– Opt for carriers that have been in active business for at least six months.
– Confirm that the carrier has been registered with the relevant authorities to verify their legitimacy.
– Ask for GPS tracking information on all shipments.
– Maintain detailed records of any carriers used to keep cargo and data safe from scammers.

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