TriumphPay Partners with Highway to Combat Double-Brokering Fraud
14 Avril 2023 - 2:35PM
TriumphPay, a leader in payments for the transportation industry,
today 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.
About TriumphPay
TriumphPay is the premier payments network for freight brokers,
factors, shippers and carriers in the North American trucking
industry. The TriumphPay payments network removes friction and
reduces fraud in the presentment, audit and payment of
transportation invoices, processing over $1.2B of invoices in a
structured, secure data exchange between freight brokers and
factors. TriumphPay is a division of TBK Bank, SSB, Member of FDIC,
and a member of the Triumph Financial, Inc. (Nasdaq: TFIN)
portfolio of brands. For more information, visit
www.triumphpay.com.
About Highway
Highway is a premier technology provider that helps freight
brokers, and logistics service providers verify carrier identity to
reduce fraud and streamline the digital booking process. Highway
enhances carrier engagement and provides a carrier-friendly
standard of compliance within a scalable framework. Highway offers
transparency into fleet analytics of more than 280,000 carriers
throughout North America. Its Lane Certainty™ geospatial algorithm
matches millions of carrier data points to help find the ideal
capacity in a desired lane. To learn more, visit
www.gohighway.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Investors are cautioned
that such statements are predictions and that actual events or
results may differ materially. Triumph Financial’s expected
financial results or other plans are subject to a number of risks
and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see “Risk
Factors” and the forward-looking statement disclosure contained in
the Company’s Annual Report on Form 10-K, filed with the Securities
and Exchange Commission on February 15, 2023. Forward-looking
statements speak only as of the date made and Triumph Financial
undertakes no duty to update the information.
Source: Triumph Financial, Inc.
Investor Relations Contact:Luke WyseSenior Vice
President, Finance & Investor Relationslwyse@tbkbank.com
214-365-6936
Media Contact:Amanda TavackoliSenior Vice
President, Director of Corporate Communicationatavackoli@tfin.com
214-365-6930
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