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Thanks to the explosion of e-commerce, parcel shipping has become a key part of business operations. However, the increase in online shopping has led to a rise in parcel fraud, package theft, and other types of scams.
Addressing parcel fraud requires innovative solutions like TransImpact’s Parcel Spend Intelligence. This cutting-edge technology platform harnesses data analytics and artificial intelligence to provide insights into parcel shipping operations. It then exposes irregularities, avoidable costs, optimization opportunities, and more.
In short, TransImpact is helping companies gain detailed awareness over their carrier charges. At the same time, Overhaul is enhancing security and preparedness via our risk monitoring solutions. Combined, we’re helping prevent businesses from falling victim to parcel fraud.
Here’s how:
The mechanics of parcel fraud
With retail shoplifting, you may notice that your inventory is down a tangible asset. But with parcel shipping, it takes an audit to determine which charges are legitimate and which aren’t. Most companies lack the tools to do this effectively.
Parcel scams work by creating useable, yet fake labels via identity theft or other means. In these situations, thieves will often hack websites, get account information, or generate shipping labels under false pretenses. Ultimately, this means that the shipper who owns the account and pays the bills isn’t the one generating the shipping labels.
Next, thieves will deposit packages into the parcel carrier’s network. The carrier will then deliver packages that it assumes are legitimate. Finally, the carrier will bill the delivery to an unsuspecting shipper who had nothing to do with the package. Unfortunately, this person often ends up paying the bill.
How TransImpact Parcel Spend Intelligence helps prevent parcel fraud
1. Automated risk alerts
TransImpact Parcel Spend Intelligence automatically gathers parcel shipping data as carriers invoice shippers. The system identifies anything suspicious that might be fraud and sends alerts right away to users. This helps companies know if something is wrong and lets them quickly intervene.
Additionally, not all fraud is criminal or performed with malice. This is why users of the system can also create custom alerts to identify unusual activity.
2. Predictive analytics
By leveraging advanced predictive analytics, TransImpact can forecast potential fraud risks based on historical data and ongoing trends. Businesses can then use these patterns to implement preventive measures to mitigate risks quickly should unusual behavior occur. An example of this behavior would be a sudden spike in International parcel shipping activity on an account used primarily for domestic shipments.
3. Comprehensive visibility and transparency
Comprehensive visibility and transparency are a must for parcel shipments. Through intuitive dashboards and configurable reports, TransImpact offers its stakeholders insights into their shipping operations. These insights include everything from carrier performance and delivery timelines to shipping costs. Businesses are then able to identify weaknesses in their shipping processes and implement targeted solutions.
4. Enhanced security protocols
TransImpact Parcel Spend Intelligence improves security in parcel shipping by working with current label manifesting systems. It can ingest the known/expected shipping activity for a shipper and then isolate packages that were not part of a package manifest given to a carrier. These extra security measures help prevent parcel fraud by identifying packages that were not expected by the shipper so they can easily determine their legitimacy.
5. Collaboration and knowledge sharing
TransImpact Parcel Spend Intelligence fosters collaboration and knowledge sharing among stakeholders within the supply chain ecosystem. This enables timely exchange of information and insights related to parcel delivery and fraud prevention. Collaboration and visibility to $3 billion in Parcel Spend across more than 1,000 parcel shippers enhances collective awareness of emerging fraud trends.
Overhaul: transforming shipment security
Parcel fraud targets the integrity of delivery services. At the same time, theft poses a direct threat to the physical security of high-value shipments. Whether through hijackings, pilferage, or insider collusion, theft can cause substantial financial losses and disrupt supply chain operations. This is why Overhaul is leading the charge to secure supply chains and prevent package and parcel theft.
Overhaul’s platform uses technology to track shipments in real-time and predict potential risks. By analyzing data like weather, traffic, and theft history, we can prevent security threats before they happen.
Our state-of-the-art technology and secure packaging solutions also deter in-transit theft attempts. Additionally, our partnerships provide clients with robust and resilient security infrastructure.
Parcel security and beyond
The challenges of parcel fraud and theft in the broader supply chain demand innovative solutions. TransImpact and Overhaul prove that technology and collaboration are key to secure deliveries.
Contact us today to learn more about how Overhaul’s partnerships are ensuring a safer, more secure future for global supply chains.
