With cargo theft soaring to a 10-year high, the Q2 2023 has seen a sharp rise in cargo theft incidents in the US and Canada. Scott Cornell, transportation lead at Travelers, paints a grim picture with data from CargoNet:
January: up 61% YoY
February: up 49% YoY
March: up 82% YoY
Q2 2023: 582 thefts in U.S. & Canada, a 57% increase from Q2 2022
Total Value: over $44 million
Average shipment value per theft: $260,703
Strategic thefts involving stolen identities instead of force are the major culprits. With the rise of strategic theft, perpetrators are no longer limited to major freight hubs. The industry is responding, with load board operator Truckstop launching 'Fraud Prevention Friday,' a series aimed at educating carriers. Travelers Companies has also enhanced its cooperation, leveraging the Trucker Path mobile app to report theft swiftly. Cornell emphasizes the importance of being prepared, stating: “You must have a plan.”
On Monday, the CHP Cargo Theft Interdiction Program (CTIP) responded to a warehouse facility in the city of Stockton, and located 48 pallets of stolen paint, valued at approx. $229,000. This investigation remains ongoing. Great work by all! pic.twitter.com/JZr2Zjyqpb
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
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