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Cargo Theft Increases

Cargo theft is on the rise (Freight Waves). 

What’s going on: “Cargo thefts surged 68% year over year in the fourth quarter of 2023 compared with 2022, according to CargoNet, a subsidiary of data analytics firm Verisk. During the third quarter of 2023, cargo thefts were up 57% [year over year] compared to the same year-ago period.”

  • Theft of goods from trucks, warehouses and elsewhere is at a 10-year high, Scott Cornell, crime and theft specialist for Travelers insurance, told the news outlet.
  • The “hotspots” for cargo theft are California, Texas, Georgia, Florida and Kentucky, and the most-stolen items are food and beverages, electronics and household goods.
  • Insurers are “seeing higher incidences of strategic cargo theft, which involves fraudsters using stolen motor carrier operating authorities or logistics broker identities to obtain freight and misdirect it from the intended receiver in order to steal it.”

Why it’s important: The result is that “millions of dollars worth of cargo is not reaching its final destinations in the U.S.,” according to Forbes, raising costs for actors up and down the supply chain.

What the NAM is doing: The NAM is actively engaged on this issue, communicating with its members, federal law enforcement agency officials and Congress to identify opportunities to enhance mitigation.

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