How Brokers, Carriers and Shippers Are Fighting Theft and Fraud
Copper Products, Consumer Electronics and Cryptocurrency Mining Hardware Were Frequent Targets of Cargo Theft in 2024
“The most alarming method that probably does the most damage in one fell swoop is the purchasing of motor carrier numbers to commit various types of cargo theft,” said Scott Cornell of Travelers. (South_agency/Getty Images)
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As technology systems helped advance collaborative freight movements among brokers, carriers and shippers, thieves also have targeted the sector as an area ripe for fraud.
“Since the COVID pandemic, this issue of freight fraud has just exploded within the industry,” said Chris Burroughs, CEO of the Transportation Intermediaries Association.
Data analytics company Verisk CargoNet in its 2024 supply chain risk trends analysis reported that cargo theft activity across the United States and Canada reached unprecedented levels in 2024, with 3,625 reported incidents representing a 27% increase from 2023.
The estimated average value per theft rose to $202,364, up from $187,895 in 2023, CargoNet said. The types of cargo targeted can vary, influenced by business, industry or consumer trends, or by simple opportunity: It was stolen because it was there.
Engine oils, fluids, solar energy products and energy drinks were frequent targets in 2023; raw and finished copper products, consumer electronics such as audio equipment and high-end servers, and cryptocurrency mining hardware were frequent targets in 2024, CargoNet reported.
It also noted increased targeting of consumables, such as avocados and nuts; personal care products, such as cosmetics; and vitamins and supplements, especially protein powder.
(Transport Topics and Getty Images)
Trailer burglaries and full-trailer theft have been recorded at elevated levels, particularly in major metropolitan areas, such as Los Angeles, Dallas-Fort Worth, Atlanta and New York City, according to CargoNet.
“The data suggests an evolving and increasingly sophisticated threat landscape in cargo theft, with criminal enterprises demonstrating tactical adaptability in both their methods and target selection,” CargoNet said in its report. Such activities are expected to continue in 2025, “with organized criminal enterprises expected to maintain their aggressive targeting of supply chain vulnerabilities.”
Types of Theft
Industry groups such as TIA and the Transported Assets Protection Association discuss cargo theft and fraud using the same termi…
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