The trucking industry faced an unprecedented surge in cargo thefts throughout 2024, with incidents increasing by 27% year-over-year, according to Verisk CargoNet. A total of 3,625 thefts were reported across North America, with the average stolen cargo valued at $202,364—up 7.7% from the previous year.
Top Targets: Electronics, Copper, and Crypto Equipment
Experts point to copper products, consumer electronics, cryptocurrency mining hardware, and consumable goods as the most targeted items. As criminals evolve, so do their targets, with higher-value goods becoming increasingly sought after. Keith Lewis, Vice President of Operations at CargoNet, explained that the automation of business processes may be inadvertently aiding criminals. Back-office software struggles to detect fraudulent documents, which have become more sophisticated, allowing thieves to slip through the cracks.
From Traditional Theft to Strategic Infiltration
While traditional theft methods, such as break-ins at truck stops, remain common, criminals are now employing more advanced techniques. Lewis highlighted the rise of "strategic theft" where criminals follow trucks, learn their routes, and coordinate with others to carry out thefts. Some groups have even gone so far as to purchase smaller trucking companies to exploit their clean records and customer information.
Jared Fritts, a Loss Control Specialist at IAT Insurance Group, noted that organized crime, often operating across borders, is increasingly behind these thefts. Unlike older, geographically confined thefts, modern criminals can strike remotely, making them harder to detect and prevent.
Economic Pressure Drives Some Carriers to Crime
The economic strain on the trucking industry has also contributed to the rise in cargo thefts. Ron Greene, Executive Vice President at Overhaul, revealed that some struggling trucking companies have resorted to crime as a survival tactic. While this is not widespread, Greene confirmed data that links economic hardship to an uptick in criminal behavior.
Technology and Collaboration: A Way Forward
Amid these challenges, some companies are finding success by embracing technology and collaboration. Total Quality Logistics (TQL), ranked No. 9 on the Transport Topics Top 100 list, saw a decrease in theft incidents, despite the broader industry trend. Zak Bowyer, Vice President of Sales Support Operations at TQL, explained that their focus has shifted to using behavioral analytics to detect and prevent thefts. Other companies, like Overhaul, have introduced fraud detection tools, such as FraudWatch, which uses real-time data to flag suspicious activities.
A Growing Threat, But Hope for Change
While 2024 has proven to be a challenging year for cargo thefts, there is optimism that the industry will adapt. By leveraging technology, fostering collaboration, and evolving tactics, the trucking sector aims to stay one step ahead of increasingly sophisticated criminals. However, experts warn that the threat of cargo theft is likely to continue as criminals refine their methods.
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