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cargo theft Hit a record high in the US and Canada for the second year in a row, and the trend is expected to continue as criminal enterprises become more sophisticated in their methods.
Verisk CargoNet’s annual analysis released this week found cargo theft increased 27% from 2023 to 2024, with a record 3,625 incidents reported last year, with an average value of $202,364 per theft. All told, losses are estimated at more than $454 million.
Cargo theft hit a record high in the US in 2024 according to CargoNet, with the trend expected to continue. (CargoNet/FoxBusiness)
The study found that California and Texas saw the biggest increases in theft activity, with heists hitting an eye-popping 33% in the Golden State and 39% in the Lone Star State.
Trailer thefts and complete trailer thefts continued at elevated levels, particularly in major metropolitan areas including Los Angeles, Dallas-Fort Worth, Atlanta and New York City, according to the findings. Dallas County, Texas, led the way with a 78% spike in reported incidents. los angeles County, California—traditionally a high activity area—saw a 50% increase.
Retail theft up 93% from before Covid-19 pandemic: ‘Retailers don’t cry wolf’
Cargonet also reported a significant change in the types of goods stolen last year. While 2023 saw continued theft of engine oils, fluids, solar energy products and energy drinks, 2024 marked a strategic pivot by criminal enterprises. New targets included raw and finished copper products, consumer electronics, and cryptocurrency mining hardware.
Cargo theft hits another record high in 2024. (istock/istock)
There has been an increase in analysis targeting specific consumable items, including produce such as avocados and nuts, as well as personal care products ranging from cosmetics to vitamins and supplements, particularly protein powders.
Keith Lewis, vice president of CargoNet, explained in an interview that there are two major types of cargo theft: the first is the traditional method of thieves stealing directly from the truck or train, and the second method is through fraud, often involving manipulation in online shipping exchanges. Doing is involved. Like fake companies to redirect the entire load using false information.
He said cargo theft – often organized by criminal enterprises overseas – is up a staggering 1,445%, while traditional theft is around 20%. Since the Covid-19 pandemic began, he explained, overall cargo theft has increased by some 90%.
A cargo ship and tugboat sail through the Cocolli Locks in the Panama Canal in Panama on August 12, 2024. Lewis says a growing method of cargo theft involves criminals redirecting shipments using fraud. (Arnulfo Franco/AFP via Getty Images/Getty Images)
Lewis, a former state police officer, says federal law enforcement does not have the resources to adequately address the issue, so the burden to solve it falls back on the logistics industry to come up with a solution.
“But solutions cost money, and there’s pushback,” he pointed out. fox business“And also, when you change the way freight is moved, you slow down the supply chain. And when you slow down the supply chain, that could potentially cripple the infrastructure. “Also generates higher costs.”
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Meanwhile, an increase in theft is contributing to higher prices for everyone.
“Everyone is paying for it,” Lewis said. “Rates go up, Insurance Goes up, costs go up, freight rates, I’m charging the shipper. The shipper takes it and puts it back into their cost, and they raise the price, and you and I pay for it every time we shop. ,
