Verosint Empowers DAT Freight & Analytics To Crush Account Fraud With AI
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Insights
The integration of Verosint's AI-powered fraud prevention solution by DAT Freight & Analytics represents a strategic move to enhance the security and integrity of their online freight marketplace. This decision is likely to bolster the confidence of shippers, carriers and brokers who utilize the platform, potentially increasing user engagement and transaction volume. In an industry that moves over $38 trillion worth of freight annually, the implications for operational efficiency and cost savings are significant. By proactively addressing account fraud, DAT may reduce financial losses and reputational damage, which can have a direct impact on their bottom line.
Furthermore, the adoption of advanced AI solutions for fraud prevention is a growing trend in the logistics sector, reflecting an industry-wide shift towards digital transformation and data-driven decision-making. This move could position DAT as an innovator in the space, potentially influencing stock performance positively as investors often look favorably upon companies that leverage technology to improve business operations.
The successful deployment of Verosint's AI technology within DAT's marketplace highlights the critical role cybersecurity plays in the logistics industry. The immediate reduction in fraud indicates that the system is capable of detecting and preventing sophisticated fraudulent activities that could otherwise result in significant financial losses. As transport and logistics companies increasingly rely on digital platforms for operations, they become more susceptible to cyber threats, making effective fraud prevention measures like this essential.
Investors should be aware that while the upfront costs of implementing such systems can be substantial, the long-term savings from avoided fraud and enhanced customer trust can provide a strong return on investment. Companies that fail to prioritize cybersecurity may face severe consequences, including loss of business and legal liabilities, which can negatively affect their market valuation.
The announcement of Verosint's solution implementation by DAT Freight & Analytics could have a tangible impact on the company's financial health. Immediate reduction in fraud typically translates to direct cost savings. These savings can improve profit margins and potentially be reflected in the company's financial statements in upcoming quarters. For investors, these developments are critical as they can influence the company's earnings per share (EPS) and overall valuation.
Additionally, the focus on fraud prevention can lead to operational efficiencies and improved risk management, which are key factors in financial performance. It's important for investors to monitor how these enhancements might affect DAT's market share and competitive positioning within the freight & logistics industry, as they could lead to increased revenue streams and long-term shareholder value.
Freight & Logistics Industry Leader Selects Verosint's AI-Powered Solution To Successfully Outsmart Fraudsters
Account fraud is a serious problem for the freight and logistics industry with widespread consequences including financial loss, brand damage, customer turnover, lost revenue, operational disruption, and more. The industry's complex supply chain with multiple vendors and intermediaries exposes many potential vulnerabilities that fraudsters and organized fraud rings actively target. Fraud schemes can be very diverse and difficult to detect, including combinations of account takeover, fake accounts, and account-based impersonations, scams, collusions and transactions.
Outsmarting Fraudsters: DAT’s Success Story
Like others in the industry, DAT faced an increase in account fraud including the proliferation of fraudulent accounts, impersonated carriers and brokers, fraudulent bids, “double brokering” fraud, and more. DAT turned to Verosint’s real-time account fraud prevention solution which was implemented in one and a half days using simple API calls from the company’s existing systems. Verosint’s impact was immediate, discovering account fraud hiding within their platform and revealing multi-national fraud rings that were conducting fraudulent bids and transaction.
Transformative Benefits for DAT
Verosint's solution delivered significant results for DAT in the first 90 days:
- Dramatic reduction in account fraud
- Blocked 49,500 fraudulent registration attempts
- Savings of 25,000 labor hours
- Improved customer satisfaction by eliminating delays
- Streamlined case investigations using Verosint’s AI-powered analytics
“The capabilities we've gained have been eye-opening. Verosint helped us identify fraud clusters and trends across our vast event data,” said Calvin Locklear, Enterprise Solutions Product Manager, DAT Freight & Analytics. "Verosint's team has been an integral part of our fraud prevention strategy, and the ease of deployment and integration into our existing systems was remarkable."
See Verosint’s Fraud Prevention Solution in Action
Verosint will be exhibiting their fraud prevention solution at Manifest 2024 from February 5-7 in
Additionally, Verosint and DAT will conduct a webinar to discuss their fraud prevention solution and lessons learned on February 6 at 12pm EST. The webinar will also cover best practices to outsmart persistent fraudsters with industry experts from DAT, Verosint, Okta and IDdataweb. You can register for the complimentary webinar here.
About Verosint
Verosint provides real-time account fraud prevention that reveals fraudsters hiding in user accounts and proactively blocks them before their attacks can cause harm. Only Verosint can discover, prevent and block modern account fraud with AI-powered automation and efficiency, stopping account takeovers, account opening fraud, and account-based impersonations, scams, collusions and transactions. Verosint exposes account fraud in minutes via secure APIs with no software to install, and turns those responsible for security, fraud and compliance into real-time account fraud fighting experts. To learn more, visit www.verosint.com.
About DAT Freight & Analytics
DAT Freight & Analytics operates the largest truckload freight marketplace in
Founded in 1978, DAT is a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240205535978/en/
Source: Verosint
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