Latest news with #Genovese
Yahoo
5 days ago
- Business
- Yahoo
Freight Fraud and Cargo Theft: The Epidemic Nobody Wants to Talk About
In the trucking industry, fraud and cargo theft are full-blown crises. Maybe this isn't Bonanno, Colombo, Gambino, Genovese and Lucchese-level organized crime, but make no mistake, organized crime exploits vulnerabilities in our supply chains and it's impacting everyone from small carriers to global shippers. We delve into the realities of freight fraud, the effectiveness of recent Federal Motor Carrier Safety Administration identity checks and how industry initiatives like Transportation Worker Identification Credential (TWIC) verification and the Freight Fraud Task Force are reshaping the fight against these crimes. At its simplest, freight fraud is a deception involving carriers, brokers or shippers to steal freight, money or even company identities. Common tactics include double brokering, where fraudulent brokers rebook freight without authorization, often leaving carriers unpaid, and carrier identity theft, in which scammers use legitimate carrier credentials, including MC or DOT numbers, to book and steal freight. Legitimate carriers suffer twice, losing income and getting saddled with compliance violations they didn't commit or lawsuits they had no involvement in. Cargo theft has become sophisticated. Criminal groups arrange fake pickups using forged paperwork, forged credentials and counterfeit identification. Recently, authorities in Los Angeles County alone recovered over $1.3 million in stolen merchandise, ranging from electric bikes and Sony TVs to beauty products and electronics, emphasizing how lucrative and widespread these crimes have become. Part of the blame lies with the agency designed to prevent it, the FMCSA. Existing laws such as MAP-21 (2012) explicitly require the FMCSA to vet brokers thoroughly, yet these requirements, like mandatory knowledge tests and documented experience, remain largely unenforced. Today, anyone with roughly $1,500 (a $300 FMCSA fee, $1,000 down on a surety bond and minimal administrative costs) can become a broker. This ease of entry allows fraudulent brokers to scam shippers, pocket cash and disappear overnight. The FMCSA's own data systems are notoriously muddy and inadequate in highlighting fraudulent activity or clearly detailing limited authority for carriers, especially enterprise carriers, which frequently operate beyond their permitted scope. Recognizing these vulnerabilities, the FMCSA began implementing stringent measures in April to tighten identity verification. Working with Idemia, the FMCSA introduced mandatory facial recognition and government-issued ID checks for all new motor carrier applicants. The immediate impact of this initiative was significant. According to data from CarrierOK, the filed-to-published application approval rate, previously around 60%-65%, plummeted dramatically to roughly 30% after the verification rollout. This sudden drop might mean that the new ID checks are successfully weeding out fraudulent or incomplete applications before they even reach public review, or the agency is so slow in processing applications because of a lack of resources that it's miring down the process. Although the number of total filings remains steady, the sharp decline in published approvals might indicate a crackdown effect, clearly demonstrating that tighter identity controls are effectively curbing fraud at the entry point. Notice I said 'might.' The industry isn't just standing by. It's tired of the crazy. Solutions are emerging to tackle freight fraud proactively, led by innovative platforms like FreightValidate. Founder Dale Prax and partners John Cantera, Jeff Dickinson, Bill Robinson, Claudia Atletts and others (including myself) have established or are part of the Freight Fraud Task Force Inc, to curb industry fraud through education, audits, best practices and accountability at every level. FreightValidate's partnership with AU10TIX has introduced powerful, yet user-friendly verification tools. In under 90 seconds, carriers, drivers and brokers can complete facial recognition and real-time ID checks on any mobile device. This rapid validation ensures that the people handling the freight are exactly who they claim to be, dramatically reducing fraud opportunities before the truck arrives at the loading dock. I have long advocated for a cyberphysical approach to logistics fraud. A year or so ago, I wrote an article on a model for mitigating double brokering through integrated technologies. Leverage blockchain, smart contracts, digital identity verification and real-time tracking to build a trust-driven freight system. I even name-dropped Rich Mason, president and Chief Security Officer at Critical Infrastructure and Chief Information Security Officer (CISO) legend, to hopefully draw him into this good time. The idea centers on a blockchain-based reputation system, where carriers, brokers and shippers earn scores based on performance, disputes and reliability. Smart contracts would lock in terms and trigger updates on the blockchain with each completed task. Verified digital identities, powered by facial recognition or biometrics, would restrict access to only authenticated users. Internet-of-things-based shipment tracking and AI-driven analytics could enhance this digital fortress to flag fraud patterns before a single invoice is sent. I believe that fighting fraud requires cybersecurity-level thinking. At the end of the day, our only solution is a solid cybersecurity program and some good CISOs to put it all together for us mere layman transportation folk. Ironically, FMCSA recently launched a costly facial recognition partnership with Idemia. Why spend millions on new systems when we already have proven verification mechanisms with a criminal background element like the Transportation Worker Identification Credential (TWIC)? What sense does that make? Not much, but maybe the issue is we have such a revolving door at the federal agency that the people running the FMCSA aren't familiar enough with the supply chain to know what we have and what we don't or how to use it practically. TWIC, used extensively in ports, provides biometric verification and comprehensive background checks that go beyond simple identity confirmation. Implementing TWIC requirements for brokers and carriers would significantly strengthen vetting, ensuring that criminals don't just find new ways around superficial security measures. An extra $125 added to the FMCSA's application fee could cover these deeper screenings, bringing significant ROI in fraud prevention without burdening taxpayers. The Freight Fraud Task Force emphasizes practical, actionable steps over mere technology deployment. Real-time, in-person carrier audits at loading docks, comprehensive fraud-awareness training and best practices education form the backbone of its strategy. Companies are encouraged to actively participate, share information and implement robust anti-fraud measures in-house. The Task Force's Risk Assessment Audit Program provides audits, tailored training and certifications to proactively catch fraud early. The mantra here isn't cleanup after the theft, it's prevention before the crime happens. Ultimately, meaningful change requires industrywide accountability and governmental enforcement. As long as laws remain unenforced, cargo theft and fraud will persist, inflating consumer costs and damaging reputable carriers and brokers. FMCSA and the Department of Transportation need to commit fully to vetting carriers, brokers and shippers, enforcing existing laws and cooperating closely with private initiatives that are already making significant strides. The time to act isn't tomorrow, it's now. The freight industry's future, its integrity and its profitability depend on stopping fraud and theft before they happen. Industry leaders, tech innovators, regulators and carriers must unite under a common mission: protecting the lifeblood of our economy by finally enforcing the accountability and integrity this industry deserves. The post Freight Fraud and Cargo Theft: The Epidemic Nobody Wants to Talk About appeared first on FreightWaves.
Business Insider
15-05-2025
- Business
- Business Insider
Rosenblatt Securities Remains a Buy on Cisco Systems (CSCO)
In a report released yesterday, Michael Genovese from Rosenblatt Securities reiterated a Buy rating on Cisco Systems (CSCO – Research Report), with a price target of $74.00. The company's shares closed yesterday at $61.29. Confident Investing Starts Here: Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter According to TipRanks, Genovese is a 5-star analyst with an average return of 9.3% and a 52.41% success rate. Genovese covers the Technology sector, focusing on stocks such as Applied Optoelectronics, Arista Networks, and Ciena. In addition to Rosenblatt Securities, Cisco Systems also received a Buy from Evercore ISI's Amit Daryanani in a report issued on May 12. However, on the same day, Barclays maintained a Hold rating on Cisco Systems (NASDAQ: CSCO).
Yahoo
08-05-2025
- Politics
- Yahoo
Self-deportation poses legal risks for immigrants who accept offer of cash, airfare
May 7—Immigrants who take up the Trump administration's offer of cash and free airfare for people who self-deport could make legal reentry to the U.S. lengthy and difficult, if not impossible, advocates warned this week. They recommended that immigrants speak with an attorney before taking up the government's inducement of $1,000 and airfare to their countries of origin. "Anyone who is finding themselves in a moment of uncertainty should always speak with a qualified immigration attorney," said Unai Montes-Irueste, a spokesman for People's Action Institute, a nonprofit advocacy group. But Montes-Ireste and others also said they anticipate that many immigrants facing President Donald Trump's harsh deportation crackdown may find the self-deportation offer tempting. The Trump administration offered the financial incentive on Monday and described self-deportation as a way for migrants to preserve their ability to legally return to the U.S. Sophia Genovese, an attorney for the New Mexico Immigrant Law Center, warned that immigrants who self-deport could face high barriers to legal reentry to the U.S. "If people have an active case with the immigration court and they leave, that will result in an in absentia removal order," Genovese said. The order "is a deportation order that would be entered because they failed to appear at their next immigration court hearing," she said. A deportation order carries a 10-year bar of return to the U.S. "and it will create barriers for people seeking to return through some other lawful pathway," she said. The U.S. Department of Justice public affairs office did not respond this week to requests for comment sent to the agency's media inquiry site. Trump told reporters Monday that immigrants who self-deport and leave the U.S. might have a chance to return legally "if they're good people" and "love our country." Trump made immigration enforcement and mass deportation a centerpiece of his campaign but so far has struggled to fulfill his promise of deporting at least 1 million people in the first year of his current term. The Department of Homeland Security has repurposed a U.S. Border Patrol app, CBP Home, that allows immigrants to obtain the $1,000 stipend and a flight to their home countries. The app was created by the Biden administration to allow people to track their immigration cases. DHS said in a news release that people who use the app will be "deprioritized" for detention and removal by immigration officials. "If you are here illegally, self-deportation is the best, safest and most cost-effective way to leave the United States to avoid arrest," Homeland Security Secretary Kristi Noem said in a statement. Genovese said flyers promoting the CBP Home app have turned up at immigration courts around the U.S., including the El Paso Immigration Court, which hears all New Mexico immigration cases. The flyers have created the appearance that immigration courts and judges support the self-deportation program, she said. "This is leading a lot of community members, a lot of immigrants, to believe that the odds are stacked against them," she said. "If a judge is encouraging the ability to self-deport, why would an immigrant believe that they have a fair shot at winning asylum or some other permanent status?" Genovese urged immigrants considering the offer to consult with an immigration attorney or a qualified immigration representative, a non-attorney who has credentials to argue cases in immigration courts.
Business Insider
06-05-2025
- Business
- Business Insider
Analysts Offer Insights on Technology Companies: Fabrinet (FN) and Wisetech Global (OtherWTCHF)
There's a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Fabrinet (FN – Research Report) and Wisetech Global (WTCHF – Research Report) with bullish sentiments. Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Fabrinet (FN) In a report released yesterday, Michael Genovese from Rosenblatt Securities reiterated a Buy rating on Fabrinet, with a price target of $250.00. The company's shares closed last Monday at $220.90. According to Genovese is a 4-star analyst with an average return of 7.9% and a 49.0% success rate. Genovese covers the Technology sector, focusing on stocks such as Applied Optoelectronics, Lumentum Holdings, and Extreme Networks. The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Fabrinet with a $253.00 average price target. Wisetech Global (WTCHF) Goldman Sachs analyst Kane Hannan maintained a Buy rating on Wisetech Global on May 1 and set a price target of A$128.00. The company's shares closed last Tuesday at $56.03, close to its 52-week low of $51.50. According to Hannan is a 4-star analyst with an average return of 9.2% and a 60.9% success rate. Hannan covers the Technology sector, focusing on stocks such as Nextdc Limited, Xero Limited, and Megaport. Currently, the analyst consensus on Wisetech Global is a Strong Buy with an average price target of $79.93, which is a 42.7% upside from current levels. In a report issued on May 1, Citi also maintained a Buy rating on the stock with a A$115.00 price target.
The Star
05-05-2025
- General
- The Star
The secret to a refreshing cocktail or mocktail might be growing in the garden
A Pimm's Cup cocktail made with fresh mint, strawberries and cucumber. — Photo: Jessica Damiano via AP No, you're not likely to grow the spirits -- although they do come from plants (vodka from potatoes, tequila from agave and so on). But you can grow other ingredients that make those spirits delicious. Mint is the easiest herb to grow. It's so easy it may take over your garden if you aren't careful, so plant it in a pot and keep the pot away from the soil. Place the pot in full sun and water it regularly. In a few short weeks, you'll be able to pluck its leaves to liven up your lemonade or mint julep. If you want to get creative, experiment with a few different varieties. My favorite is spearmint, but peppermint is classic. Chocolate mint, pineapple mint and apple mint each have their charms, named for the scents and flavours they impart. There's even a specialty variety called Cuban mint, an authentic choice for mojitos. Mint stems keeping fresh in a glass of water. — Photo: Jessica Damiano via AP Basil, too, is available in several cocktail-worthy varieties. Genovese, the Italian variety often paired with tomatoes, works equally well in beverages, as do lemon and cinnamon varieties. Plant them in full sun and provide water, but account for your climate and take care not to over- or underwater them. Remove flower stalks, if they appear, to prevent the leaves from turning bitter. Lemon verbena smells heavenly and pairs as well with a gin and tonic as it does with sparkling water. Most herbs don't usually require supplemental nutrients, but lemon verbena benefits from monthly applications of organic liquid fertilizer. Water plants when the soil begins to dry out; overwatering may lead to root rot. When I have guests, I often muddle sage leaves with 1 ounce (around 30ml) each of vodka and ginger liquor, then add to a glass with 4 ounces (118ml) of ginger beer, and pineapple and lime juices to taste. It's as simple as can be - and just as impressive. For the most concentrated flavour, harvest herbs in mid-morning, after the dew has dried but before the sun gets too hot. In my garden, that means around 10 a.m. Place them, stem side down, in a glass of water indoors, out of direct sunlight, until happy hour. Don't forget the strawberries (bonus: The plants come back every year in horticultural zones 4-9) and cucumbers, both mandatory components of a proper British Pimm's cup, one of my favourite summertime cocktails. I make mine by packing a highball glass with thinly shaved cucumber, sliced strawberries, mint and a couple of sliced mandarin rounds, then topping it with 1.5 ounces (44.3ml) of Pimm's No. 1 liquor and 4 ounces (118ml) of lemonade or lemon-lime soda. And if you like your drinks spicy, muddle a red-ripe slice of jalapeno with lime juice and pour a shot of tequila over it, then add your choice of mixer. Or drink it straight. I'm not judging you. I'm just the garden lady. — Jessica Damiano/AP
