‘Unprecedented levels’
Reports of cargo theft continued to rise in 2024. The crime has become so prevalent that one industry insider said that it has reached “unprecedented levels.”
On Jan. 21, New Jersey-based logistics security firm CargoNet released data from its 2024 Supply Chain Risk Trends Analysis. According to the company, last year saw “record-breaking” levels of cargo theft across the U.S. and Canada, with 3,625 cases reported in 2024.
That number indicates a 27% increase in theft activity compared to 2023 – a year marked by record-setting levels of cargo theft. In fact, CargoNet said that each quarter of 2024 surpassed the previous records set in 2023.
The total number of cargo theft incidents wasn’t the only thing to increase. According to CargoNet, the estimated average value per theft also rose to $202,364 in 2024, up from $187,895 the previous year. The company estimated a total loss of nearly $455 million in 2024 due to cargo theft.
The company also noted a “strategic pivot by criminal enterprises” when it came to targeted commodities last year, with crews moving away from the targeted theft of engine oils, fluids, solar energy products and energy drinks that drove the numbers in 2023.
“New targets included raw and finished copper products, consumer electronics (particularly audio equipment and high-end servers) and cryptocurrency mining hardware,” CargoNet said in its report. “The analysis also revealed increased targeting of specific consumable goods, including produce like avocados and nuts, along with personal care products ranging from cosmetics to vitamins and supplements, especially protein powder.”
As for where cargo theft was the most prevalent, the usual suspects – California, Texas and Illinois – made up the top three most-targeted states. These states accounted for roughly 46% of all reported thefts in 2024.
“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,” the company said. “Looking ahead to 2025, CargoNet anticipates a continuation of these trends, with organized criminal enterprises expected to maintain their aggressive targeting of supply chain vulnerabilities.”
The continued rise in cargo theft has gained the attention of lawmakers, with legislation introduced in June 2024 aimed at addressing “rampant” theft.
Introduced by Rep. David G. Valadao, R-Calif., the Safeguarding our Supply Chains Act aims to improve communication between federal agencies and state and local law enforcement, particularly in regions experiencing “high volumes of organized crime.” As of press time, the bill had yet to be reintroduced in the 119th Congress. LL