Cargo Theft Skyrocketing

CargoNet – the New Jersey-based data- and information-sharing company that works with law enforcement and motor carriers to combat cargo theft – just released the results from its 2024 First Quarter Supply Chain Risk Trends Analysis. The results showed a 45% increase in cargo thefts compared to the first quarter of 2023. The average value of each stolen load in the first quarter was $281,757, with an estimated total loss of more than $154 million.

CargoNet said the dramatic increase in cargo theft is coming in part because of what it calls “complex fraud schemes, which result in entire loads being picked up and never delivered or delivered with digitally altered paperwork to hide the theft from the customer.” The company listed five suspicious activities every driver and carrier should be aware of:

• Individuals outside your business soliciting information about scheduled or in-progress shipments
• Outside entities offering to help or assist your business with shipments
• Unusual or unexpected changes in business contact information or login credentials
• Unusual login attempts to business load management systems
• Vendors or contractors showing unusual interest in business processes or systems

Fraud is rampant, often beginning with identity theft. On a daily basis, brokers and carriers are dealing with stolen loads and thieves are getting between legitimate brokers and carriers to steal loads.