123Loadboard Adds Carrier Identity Verification to Freight Matching Platform

123Loadboard has added carrier identity verification to its freight matching platform.

This new feature streamlines and accelerates digital freight booking by enabling brokers and shippers to immediately determine if a carrier is a verified, legitimate business partner, 123Loadboard said in a Tuesday (Jan. 31) press release.

“Our focus has always been to provide decision makers with better data, and this latest initiative helps freight brokers move loads through instant booking, while reducing fraud and minimizing their risk when assigning available freight, without the need to interact with third-party sites for carrier identity validation,” 123Loadboard Co-founder Loarn Metzen said in the release.

PYMNTS research has found that effectively authenticating another organization’s identity for business transactions is one of the toughest challenges for firms that are trying to avoid falling victims to scams and bad actors.

The risk of not meeting this challenge is high, as businesses lose an average of 3.5% of their revenue to fraud annually, according to the January edition of the “B2B Payments Fraud Tracker®,” a PYMNTS and nsKnox collaboration.

The tracker also found that 71% of businesses acknowledged the need for additional digital fraud solutions, and 49% cited the issue as most important to their fraud-related concerns.

“There’s been a surge in cybercriminal activity — and the fraudsters are really trying to target organizations in all ways, shapes and forms of attacks,” nsKnox Chief Operating Officer Nithai Barzam told PYMNTS in an interview posted Jan. 18.

With 123Loadboard’s new carrier identification feature, a confirmed identity icon is displayed on the profiles of those who have confirmed their identity by completing the firm’s updated carrier verification process, according to the press release.

The status of carriers is displayed when interacting on the platform or integrated directly through the application programming interface (API), and the icons enable brokers and shippers to identify trusted carriers to whom they may wish to assign a load, the release said.

“Our load board platform has always revolved around trust,” 123Loadboard Head of Product Rafi Hagopian said in the release. “Verifying the information our customers provide is a vast undertaking, but it fits our company’s aspirations of ensuring all users are offered quality data so that they can feel confident that their transactions are credible and secure.”

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