Surge in Cargo Heists: A Growing Concern for Supply Chains

In 2024, Verisk CargoNet reported a staggering 3,798 cargo theft incidents, marking a significant 26% jump from the previous year, as highlighted by CNBC.

The total losses soared to nearly $455 million. However, experts believe the actual figure could reach up to $1 billion annually since many thefts go unreported. Notably, train cargo thefts surged by around 40%, with over 65,000 incidents logged according to the Association of American railroads.

A concerning trend is emerging in which criminals are employing tactics known as strategic theft.This involves tricking shippers and brokers into releasing cargo or making payments under false pretenses.

check This Out: addressing the Rising Challenge of Freight Fraud

This type of strategic theft accounted for just 8% of all cargo crimes back in 2020; however, by late 2024, it had skyrocketed to approximately one-third of all reported cases.