TriumphPay’s Efforts to Mitigate Fraud with Network Transparency
At TriumphPay, we like to say we have a “responsibility to the mission.”
The mission is to do something that’s never been done, and leave a lasting, positive, and transformative impact on the transportation industry.
TriumphPay is already providing unparalleled value to the industry by creating new revenue opportunities for brokers, supporting back and front-office administration, and providing working capital for projects or business initiatives. On average, TriumphPay processes 32,000 NOAs and over 66,000 invoices for brokers a day. For the most part, these processes are completely automated. We’re here to help brokers spend less resources on admin work and focus on revenue generating activities, shipper and carrier relationships, and growing their business.
We’re going one step further beyond invoice processing. With the TriumphPay Payments Network, we’re connecting brokers, factors, carriers, and shippers directly to the source of truth. With increased connectivity, TriumphPay is helping brokers foster stronger relationships and new connections with carriers. The network also creates new levels of transparency within the payments process. With that further foundational and structured clarity, we will be able to deliver even more value to the industry.
This last point is important.
By providing new processes to ensure transparency, verification, and connectivity, while also fueling much-needed efficiency, TriumphPay will be able to help solve a significant problem challenge within the transportation industry.
Fraud.
This problem affects every player in the space, and I believe TriumphPay is the answer to this challenge.
Fraud & Misdirected Payments: Challenges Facing the Transportation Industry
There is a fundamental issue with the current payment process in the transportation industry. This process, which has existed for decades, needs more checks and balances to eliminate fraud or misdirected payments.
Many consistent risk factors are accredited to the industry’s current payments process. NOA & carrier invoice fraud, misdirected payments, and double brokering are primary causes of losses attributed to brokers & factors.
Almost all these risk factors can be attributed to a lack of data-driven load verification. Fraudsters are able to create falsified or fake NOAs or carrier invoices and submit them to brokers and factors for payment.
We’re taking this challenge head-on.
How TriumphPay is Leading the Charge Against Fraud
TriumphPay’s objective is to fundamentally change how payors and payees verify invoice data to help all parties involved mitigate fraud and risk and create touchless invoicing and payment.
Here’s how.
TriumphPay’s payments network uses structured data to add transparency throughout an invoice’s lifecycle, with early insights into exceptions. Our API integrations provide automated processes to help our clients validate loads, implement touchless invoices, and lower call volumes. In the end, touchless invoices and lower call volumes help our clients scale without the increased cost of adding more employees.
TriumphPay is concerned about every instance of security within the payments process. Often, carriers will initiate a bank account information change. As a precaution, we have processes in place to confirm with individual carriers whether or not they initiated this request to change where their money is being deposited. Since April of this year, we have received 129 requests to change bank account information that were not requested by the carrier. These extra verification steps allowed us to prevent misdirected payments to carriers. Over that same timeframe, we have safely and successfully paid over $24 million to those 129 carriers, which could have been misdirected to fraudulent parties without the added security.
In instances like these, TriumphPay is strongly positioned to help prevent fraudulent activity outside of our network. Our network is not directly impacted by this type of fraud. Instead, these cases of fraud occur because carrier credentials are likely compromised outside of TriumphPay.
We are currently implementing industry leading identity management and MFA (multi-factor authentication) practices to add additional measures to protect users’ accounts.
The Future of Payment Security in the Transportation Industry
However, there’s still much more on the roadmap.
Our team is working on creating the most secure payments network in the industry, acting as a single source of truth for all parties exponentially reducing the opportunities for fraudulent invoicing, double-brokering, and misdirected payments.
By connecting all parties in these transactions with accurate, up-to-date data directly from the source of truth, TriumphPay is building trust in the transportation ecosystem and shining a light on fraudulent parties who have been working in the dark for too long. The days of time and money being wasted on verifying invoices are coming to an end. And TriumphPay’s transparent, efficient payments processes, executed in a secure environment within the compliant walls of a bank is the most cost-effective, risk adverse way to move business forward.
