IN THE NEWS: A New Tech Solution To The Freight Fraud Problem

Forbes
February 17, 2026
Steve Banker

FROM THE ARTICLE: Freight fraud is a big and growing problem. The FBI estimates it as a $15-30 billion problem. The Transportation Intermediaries Association estimates are higher. They say this is costing up to $35 billion annually. Cargo thefts in the US increased 33% year-over-year in the second quarter, according to Overhaul.

But a company called GenLogs, which recently announced $60 million in Series B funding, is providing an exciting technological solution to this problem. Ryan Joyce, the CEO of GenLogs, calls it a truck intelligence platform.

Mr. Joyce has spent almost two decades in the US intelligence community. “We’ve essentially taken the playbook of US intelligence and are applying it to the supply chain. We like to joke internally that we used to track terrorists and now we track trucks. That’s just what we do on a daily basis.”

The company uses a proprietary network of over 1,000 cameras to track commercial vehicles. The cameras are on major interstates and freight lanes. Camera placement is based on daily truck counts. 15 million commercial vehicle images are captured daily, allowing the platform to regularly observe 93% of active motor carriers.

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ITS Logistics is a full-service third-party logistics company that provides warehousing services, brokerage, plus a small carrier fleet. The 3PL has 4 million square feet of warehouse space, has over $1 billion in freight under management, and has 5500 trailers across its network.

ITS has a hybrid capacity approach to drop trailer and trailer pool solutions. This combines ITS-branded DropFleet trailers with a nationwide network of carrier partners. This is their most distinctive solution.

They have agreed to be acquired by Echo Global Logistics. That deal is expected to close in the first half of 2026. Once finalized, ITS Logistics will continue to operate with its existing leadership team.

Josh Allen, Chief Commercial Officer at ITS, explained that “bad actors are getting smarter every day.” The industry is moving quickly to address fraud, but its efforts to mitigate it have not kept pace with criminals’ advancing capabilities.

Mr. Allen heard about the GenLogs freight intelligence solution in the fall of 2024. After talking to the CEO, Ryan Joyce, he agreed that the solution could be “transformative” for their industry. ITS quickly joined the initial list of subscribers.

The ROI is very good. “If you just prevent one or two fraudulent transactions a year, the solution is paid for.” In freight brokerage, Mr. Allen estimates the cost of a fraudulent transaction at $100,000. “That is a drop in the bucket.”

The solution has also been used to recover stolen loads, enhance carrier procurement, and identify customers using their trailers in unauthorized ways.

GenLogs also helps in sales cycles. “100% this helps us pitch new customers, Mr. Allen said. “Video is powerful. We are in a position where we can help our customers enhance their fraud prevention.”

Given the increases in fraud and theft, ITS felt it had no choice but to build a proprietary tech stack to address the issue. That tech stack now includes GenLogs and Highway. “GenLogs gives visibility. Highway helps drive compliance”, Mr. Allen explained. While Mr. Allen praises GenLogs, he emphasized that other solutions are not going away. “To do this right, you need multiple streams of data. This is a stack approach, a layered approach. There is no silver bullet.” Complementary data sources should include the driver application, integration with an electronic logging device, and technologies like Highway that support carrier vetting. Further, technology is not the total solution. Operations must also be disciplined; tight integration with their TMS helps enforce process discipline.

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