Cargo theft continues to increeas, according to the latest update from Overhaul, an in -transit supply chain risk management company.
During the third quarter, Overhaul recorded 500 cargo thefts in the U.S. Overhaul said that amounts to a 6.2% increase compared to the previous quarter.
Overhaul also found:
- Electronics were the most targeted product type in the country followed by miscellaneous goods
- Additionally, 47% of all thefts occurred in California, whereas in Q3 of the previous year, only 30% of these thefts took place in the state
- The average loss value was $176,290
- Thursday accounted for 18% of thefts, followed by Friday with 17%
- Fully 25% of all cargo thefts occurred in unsecured parking locations, and 20% occurred at warehouses and distribution centers
- Midnight to 6 a.m. accounted for 32% of thefts
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Trucking isn’t the only form of transportation being targeted by cargo thieves.
Overhaul said during the last year, several statistics have emerged regarding rail cargo theft in the U.S. The company said most rail thefts took place in large transportation hubs including Illinois (26%), California (22%), Tennessee (13%), and Arizona (4%). The main hotspots were Chicago, South California, Memphis, and Winslow. Auto and parts (59%) was the most commonly stolen product type, followed by electronics and cothing and shoes, which each represented 16% of total events.
Overhaul said rail thefts are especially prevalent for several reasons. They include
High-value goods: Train cars are often packed with high-value goods, which can equal high returns for criminals. For example, along with the aforementioned electronics, train shipments can include pharmaceuticals and luxury goods.
Lower penalties: When compared to other crimes, rail cargo theft tends to have less strict penalties. Coupled with the potential for big returns, this makes it an especially appealing target in terms of “low risks, high rewards.”
Multiple opportunities: Tens of billions of dollars worth of shipments transport through the U.S. via rail each year. They also make multiple stops to load and unload, and are sometimes left unattended for long periods of time. Each of these shipments and stops is an opportunity for thieves to strike.
Ease of transport: In the US, several tracks and rail yards are located near the Mexico border. This gives thieves the opportunity to smuggle goods from the US out of the country. At this point, they’ll either be sold on the Black Market or falsely reintroduced into the supply chain as legitimately obtained products.
Lackluster security: Many companies lack the proper security measures to prevent theft. Local law enforcement agencies are also often overwhelmed by the sheer amount of crimes. This means they don’t always have the resources or law enforcement officers they need to react.
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