Overhaul, a global leader of active supply chain risk management and intelligence, has officially announced the launch of Overhaul FraudWatch, which happens to be a powerful new solution designed to expose bad actors, protect shipments, and empower shippers and logistics providers to stay one step ahead of fraud.
According to certain reports, Overhaul FraudWatch arrives on the scene bearing an ability to provide real-time data and alerts. This it does to hand users the insights that are required for detecting fraudulent threats, such as fictitious pick-ups and double brokering, to instigate immediate action.
To understand the significance of such a development, we must take into account one study published by the Transportation Intermediaries Association (TIA), a study where it was revealed that truckload freight fraud has become a leading issue, with 98% of surveyed logistics companies identifying it as a critical vulnerability. More on the same would reveal how this has created average financial impact per company of around $402,000 annually. On the other hand, individual loads have resulted in losses of $40,760 or more.
TIA’s report also revealed that fraudulent schemes, including fictitious pickups, carrier identity theft, and double brokering scams, have gone up from less than 5% of reported thefts to over 35%.
A deeper lowdown would relay that states like California, Texas, and Illinois are the most affected by this crisis. In fact, California alone was found to account for 37% of all reported freight fraud incidents, as per Overhaul’s latest US cargo theft report.
“Fraud is no longer a risk you can afford to ignore—it’s a crisis affecting businesses of every size,” said Barry Conlon, CEO of Overhaul. “FraudWatch delivers the tools businesses need to outsmart bad actors, equipping them to identify vulnerabilities and stop fraud before it disrupts their operations.”
Talk about Overhaul FraudWatch on a slightly deeper level, we begin from its promise to expose high-risk carriers before it’s too late. Here, the solution leverages an advanced AI-backed scoring facility, which is built from millions of shipments. From an actionable standpoint, the stated facility can detect a range of fraud indicators, ranging from compliance gaps to sudden risk spikes.
Next up, we must get into the solution’s industry-leading intelligence expertise. Thanks to this comprehensive knowledge base, Overhaul FraudWatch can identify fraudulent carriers and push to the Overhaul platform for alerting. Staying on the point of alerts, they are specifically made to be real-time for immediate response.
Another detail worth a mention here is rooted in the solution’s unmatched law enforcement intelligence. You see, with access to wide spectrum of law enforcement networks, Overhaul FraudWatch treads up a long distance to generate visibility into organized theft rings and emerging fraud patterns.
Rounding up highlights would be the technology’s easy integration for instant impact. Hence, Overhaul FraudWatch can fit seamlessly into existing workflows via platform tools or API, thus delivering insights exactly when needed.
Among other things, we ought to mention that Overhaul FraudWatch is already market-tested on thousands of shipments. During this deployment, the solution was able to save customers more than $100 million in potential losses.
Founded in 2016, Overhaul’s rise up the ranks stems from protecting shippers and 3PLs from in-transit cargo delays, damage, theft, and spoilage through advanced software and monitoring solutions. The company presently banks upon a total of 7 global monitoring control towers strategically located worldwide to offer continuous cargo protection and immediate, proactive responses against threats.
Overhaul’s excellence in what it does can also be understood once you take into account how it is trusted by several industries, such as pharmaceuticals, healthcare, technology, logistics, retail, and food and beverage etc. The company’s case is only made stronger by its clientele, which includes the likes of Microsoft, Bristol Myers Squibb, Dyson, CEVA Logistics, and plenty other big names.
“With Overhaul FraudWatch, we’re not just responding to the problem—we’re staying ahead of it,” said Conlon. “This solution is about empowerment. It ensures our customers have the clarity and control needed to keep their operations safe.”
