CargoNet Q1 2024: 46% Spike in Cargo Theft Reports Year-Over-Year

Cargo theft has unfortunately hit new peaks in the beginning of 2024, and here are the key details:

• Staggering Stats:
  • Incidents on the Rise: CargoNet recorded 925 theft incidents—a 46% jump from Q1 2023 and a 10% increase from Q4 2023.
  • Heavy Losses: The average stolen shipment value was a hefty $281,757, resulting in an estimated $154.6 million in total losses.
• Regional Hotspots:
  • Illinois: Saw theft incidents skyrocket by 126% year-over-year.
  • California: Not far behind, with a 72% increase.
  • Texas: Also felt the sting with a 22% uptick.

What's Being Stolen:

• Thieves have been busy with a particular taste for small appliances, liquor, energy drinks, and copper. These commodities are highly targeted for their value and market demand.

Theft Tactics:

• While traditional thefts of unattended trailers remain a concern, sophisticated fraud schemes involving altered paperwork and non-delivery of entire truckloads are becoming increasingly common.

Looking Forward:
As we roll into Q2, don't expect these trends to cool off. CargoNet warns that high levels of theft will likely continue, driven by strategic shortages and the evolving methods of thieves.

Source: Verisk/CargoNet