Initial products, RateCon Shield and Facility Shield, tackle long-standing fraud issues for shippers, carriers, and brokers
New York, NY (March 21, 2024) - Transfix Inc., today announced the launch of Transfix Shield, a proprietary suite of fraud-prevention tools designed for shippers, carriers, and brokers. At launch, Transfix Shield includes RateCon Shield and Facility Shield, now broadly available to all freight brokerages and shippers. The tools are designed to help users protect their business, as well as those of their carrier partners, and ultimately the consumer, from the impacts of freight fraud.
"Fraud is an issue that will never get solved unless we all come together as an industry,” said Jonathan Salama, CEO and Co-founder, Transfix. “Our initial rollout of these tools to our fellow brokers and long-standing customers has been met with interest and excitement. We have partnerships in development with key players and leaders in the industry and look forward to welcoming many more into our network. While this industry has long propagated competition amongst brokers, it’s time we show a united front against fraudulent actors to combat their increasing attacks on freight.”
The RateCon Shield (patent-pending) pilot launched last summer for Transfix loads in an effort to combat the growing issue of bad actors impersonating legitimate freight brokers. These fraudsters pose as a legitimate broker, assuming that broker’s identity, and offer loads to carriers. After the carrier accepts and delivers the load, they contact the unknowing legitimate broker for payment, but the fraudster has disappeared and the carrier goes unpaid. In an already challenging freight market, these fraudulent attacks can cripple a carrier’s business.
To combat this, RateCon Shield automates the addition of a unique QR code to rate confirmation documents, empowering carriers to validate the authenticity of loads and the brokers offering them, adding a critical layer of security to a brokerage’s operation and the carriers’ business. After observing noteworthy interest and engagement by its partners, Transfix moved to make this proprietary solution available to all brokerages in an effort to combat fraudulent actors attacking and impersonating legitimate intermediaries.
“RateCon Shield is a true differentiator in our industry. It builds credibility with both our shipper and carrier partners, showing them that we care not only about their freight but about their livelihood,” said Dan O’Sullivan, CEO, United States of Freight. “Partnering with an organization that had real skin in the game was also important for us. Transfix not only developed RateCon Shield, but they use it on every load. We’re proud to be part of a community of like-minded brokers united against fraud, and look forward to working with even more of our fellow colleagues to build a more secure future in freight.”
Facility Shield, which is in beta testing and soon to be available to shippers, provides fraud prevention capabilities at the facility level. The tool is designed to help shippers protect their facility and associated loads through proprietary validation systems and processes that give shippers a new layer of security to verify carriers before they enter a facility, helping to mitigate theft.
RateCon Shield and Facility Shield can integrate via API connection, are designed for a flexible and fast onboarding experience, and do not require users, whether carriers or facility employees, to download any additional applications.
Read more about the Transfix Shield Suite and sign up here, transfix.io/transfix-shield.
About Transfix
Transfix drives modern supply chain impact at scale with the Transfix Intelligent Freight Platform™. By combining enterprise-grade, machine-learning technology with intuitive software and dedicated supply chain experts, Transfix is enabling organizations to deliver with high performance and high reliability, drive long-term strategy and capacity planning, take empty miles off the road, and optimize their networks, at scale. Today, Transfix connects shippers to nearly 30,000 carriers with real-time, many-to-many freight matching and the visibility they need to make their supply chains more efficient and environmentally responsible. Learn more at Transfix.io.
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