Strategic theft driving record amount of cargo theft

The United States is facing a “unique and concerning pattern” when it comes to cargo theft, according to a recent report.

TT Club – a London-based global logistics insurer – recently released it’s 2024 Cargo Theft Report, which the company says offers “strategic analysis of global cargo theft data to uncover criminal activity and emerging threats to the supply chain.”

According to the report, the U.S. accounts for 11% of total cargo theft worldwide, behind only Brazil (23%) and Mexico (13%). While those numbers should come as no surprise, given the record amount of freight theft over the past three years, the company said there is a “unique and concerning pattern” for cargo theft in the U.S. when compared to other parts of the world.

The main component to that pattern is the prevalence of strategic theft, such as double brokering and other fraud schemes, which accounts for roughly 18% of all reported cargo theft incidents in the U.S., according to the report.

“These thefts are characterized by the use of deception and advanced technological expertise, enabling criminals to execute highly coordinated schemes,” the company said. “High-value goods, such as electronics, apparel and pharmaceuticals, are particularly vulnerable to these tactics, as organized crime groups continue evolving their methods to exploit supply chain vulnerabilities.”

The group also cites heightened technology vulnerabilities and insider involvement as factors driving strategic cargo theft in the United States. These factors provide criminals access to sensitive information, allowing them to more effectively target high-value loads.   

“This activity is cost-effective for the criminals, requiring little more than a phone line and internet connection. They are empowered to act on a global basis with no physical constraints,” the company’s report read.

As for how you can protect yourself against strategic theft, TT Club urges carriers to consider what information they are disclosing on load boards and how it may be attractive to criminals looking for a target. Additionally, the company said drivers should be cautious of “unusually attractive offers” and take steps to vet all loads.

“As with cargo crime generally, barriers to entry are few and the potential returns are high,” the company said. “In the fast-paced supply chain business environment, a simple pause and assess protocol could serve to identify an attempted fraud before it is too late.” LL