The trucking industry faced a significant rise in cargo thefts during the first quarter of 2024.
According to Verisk Analytics’ CargoNet, criminal activities in logistics and transportation jumped 46% year-over-year to 925 incidents and saw a 10% increase from the previous quarter. The estimated value of stolen goods during this period reached $154.6 million.
“We’re observing a new type of crime,” said Keith Lewis, vice president of operations at CargoNet. “The numbers are moving in the wrong direction, and that’s a major concern.”
Lewis highlighted the emergence of document forgery, a tactic where criminals pose as professional drivers to fraudulently secure a load. They partially unload the cargo at its destination and alter the bill of lading to indicate the entire load was delivered, making it easier to commit and conceal the crime.
“I don’t want this to be accepted as a cost of doing business,” Lewis said. “Insurance companies will have to push back eventually.”
CargoNet reported an increase in incidents across most states in Q1, with notable spikes in California (72%), Illinois (126%), and Texas (22%). High-target items included small appliances, liquor, energy drinks, and copper, often stolen through complex fraud schemes.
Scott Cornell, transportation lead and theft specialist at Travelers, noted that the nature of cargo thefts has fundamentally changed over the past few years, with more sophisticated and organized theft rings now in operation.
Danny Ramon, intelligence and response manager at Overhaul, observed that Q1 used to be a slow period for cargo thefts post-holiday season, but this trend has changed since the pandemic, with theft activity continuing into the new year.
Ramon explained that the need to restock shelves after the holidays and the decentralization of criminal rings since the pandemic has contributed to the increase. Cornell added that these rings have evolved into sophisticated international operations with extensive networks, making it harder to track stolen loads.
Fusion Transport CEO Frank Matarazzo noted that while the situation seems better than last year, the rise in strategic and organized thefts, especially during the pandemic, has made cargo theft a significant issue.
“You have more bad actors out there now, and the chances of getting caught are slim,” Matarazzo said.
source: https://www.ttnews.com/articles/cargo-thefts-q1-2024