CargoNet: 46% Spike In Cargo Theft Reports In Q1

Cargo theft and fraud has hit unprecedented levels to start off 2024 and we're sharing the key information that you need to know.

Theft Explodes:
CargoNet's data revealed a staggering 925 incidents, representing a substantial 46% increase compared to the first quarter of 2023, and a concerning 10% rise from the fourth quarter of 2023.

The average value of stolen shipments during this period amounted to $281,757, with a declared total value of $76 million. Extrapolating the average shipment value across events lacking a declared value, CargoNet estimates that a total of $154.6 million worth of goods were stolen.

Hotspots:
While reported incidents escalated across many states, California, Illinois, and Texas witnessed the most significant spikes.

Illinois: Staggering 126% theft incidents year-over-year.
California: Skyrocketing to a 72% increase year-over-year
Texas: Jumping 22% year-over-year.

Commodities:
Various commodities, including small appliances, liquor, energy drinks, and copper, were heavily targeted by thieves, posing a widespread threat to industries nationwide.

Schemes:
Complex fraud schemes, involving the pickup of entire truckloads never delivered or delivered with digitally altered paperwork, emerged as a major threat to cargo integrity.

Despite advancements in security measures, traditional cargo theft methods, such as the theft of unattended loaded trailers and pilferage, remained persistent issues. Notable hotspots for such thefts included Southern California, Dallas-Fort Worth, Atlanta, and the corridor spanning New York, North Jersey, and Eastern Pennsylvania.

Q2 Outlook:
Looking ahead to the second quarter and beyond, CargoNet anticipates a continuation of high levels of non-delivery thefts and strategic shortages. The dynamic threat landscape underscores the importance of sustained vigilance and proactive security measures across the supply chain.