Q2 2023: Cargo Theft Skyrockets; Industry Urges Action

We see a surge in cargo theft in Q2 2023, with experts urging the need for strategic response and increased security measures.

Q2 2023: Cargo Theft Skyrockets; Industry Urges Action
California Highway Patrol recovers 48 pallets of stolen paint valued at $229,000 in Stockton warehouse. Image Source: CHP/Twitter

With cargo theft soaring to a 10-year high, the Q2 2023 has seen a sharp rise in cargo theft incidents in the US and Canada. Scott Cornell, transportation lead at Travelers, paints a grim picture with data from CargoNet:

  • January: up 61% YoY
  • February: up 49% YoY
  • March: up 82% YoY
  • Q2 2023: 582 thefts in U.S. & Canada, a 57% increase from Q2 2022
  • Total Value: over $44 million
  • Average shipment value per theft: $260,703

Strategic thefts involving stolen identities instead of force are the major culprits. With the rise of strategic theft, perpetrators are no longer limited to major freight hubs. The industry is responding, with load board operator Truckstop launching 'Fraud Prevention Friday,' a series aimed at educating carriers. Travelers Companies has also enhanced its cooperation, leveraging the Trucker Path mobile app to report theft swiftly. Cornell emphasizes the importance of being prepared, stating: “You must have a plan.”

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