Trucking Weathers Another Increase in Cargo Theft for Q2

Cargo theft has significantly risen in North America, with Verisk Analytics’ CargoNet reporting a 33% increase in the second quarter of 2024 compared to the same period the previous year, totaling 771 incidents valued at approximately $68.5 million. Despite a slight decline from the peak set in the first quarter of 2024, the continued rise in thefts is attributed to increasingly sophisticated and organized criminal tactics, particularly from international groups. Experts in the field, like Danny Ramon from Overhaul, anticipate that the situation could worsen before it improves, highlighting an expanding geographic spread of cargo theft types. Notably, the states of California, Texas, and Illinois have emerged as hotspots, accounting for over half of all thefts. Items such as vitamins, alcohol, and skincare products are particularly targeted. Insurers and security professionals express concern about the long-term trend of rising thefts. Scott Cornell from Travelers underscores the difficulty in reversing the current trajectory, forecasting that the industry may reach a new, higher baseline for theft incidents rather than a reduction. The ongoing challenge for trucking firms lies in recognizing threats early and implementing effective prevention strategies, especially for those with limited experience in combating cargo crime. Economic, technological, and law enforcement efforts will need to adapt rapidly to make any significant dent in this growing issue.