TriumphPay, a leader in payments for the transportation industry announced a strategic partnership with Highway, a premier technology provider for carrier identity management. The collaboration aims to identify and mitigate double-brokering fraud schemes that are increasing in frequency, scale and sophistication.
Historically, the tools for fighting double-brokering have been limited in their ability to truly identify fraudulent activity and have relied on reports from brokers, publicly available information and basic scoring models. This partnership will combine the breadth of freight spend from TriumphPay and the depth of Highway’s carrier and equipment information to identify who is “hauling” more freight than their actual equipment would allow.
The partnership will arm customers of TriumphPay and Highway with essential information to prevent bad actors from being loaded and paid, allowing them to focus on securing capacity with the most reliable carriers.
“Our partnership with Highway will significantly strengthen our efforts to combat double-brokering fraud in the freight industry, which we estimate affects $500-700M worth of freight annually,” said Melissa Forman, president of TriumphPay. “By combining our resources and expertise, we’re providing our customers with an invaluable tool for detecting and mitigating fraud while improving the overall payment experience for carriers.”
“Partnering with TriumphPay, the open payments network for freight brokers, factors, shippers, and carriers in the US trucking industry, brings us one step closer to our goal of stamping out fraud, identity issues, and double-brokering in the transportation sector,” said Jordan Graft, CEO at Highway. “Our collaboration will make transactions more secure, efficient, and profitable for all parties involved, ultimately leading to a safer and more trustworthy industry ecosystem.”
Highway’s carrier identity management technology will complement TriumphPay’s existing capabilities to prevent financial fraud, such as fraudulent bank accounts, account takeovers, and double-brokering. Together, TriumphPay and Highway will provide a comprehensive solution for enhancing payment experiences and streamlining back-office operations for customers.