Cargo theft increased markedly in 2024, reaching “unprecedented levels”, according to a firm that tracks thefts in the U.S. and Canada.
Verisk CargoNet, a business unit of Verisk, a global data analytics and technology provider, today reported record-breaking cargo theft activity across the U.S. and Canada reached unprecedented levels in 2024. In a statement, CargoNet said there were 3,625 reported incidents representing a 27 percent increase from 2023. The estimated average value per theft rose to $202,364, up from $187,895 in 2023.
Thefts totaled over $454.9 million for 2024.
Each quarter of 2024 surpassed previous records set in 2023, though the margin of increase narrowed as the year progressed. The most dramatic spike occurred in the first quarter of 2024, with 317 more incidents than the same period in 2023, while Q4 2024 showed a more modest increase of 94 incidents, representing an 11.81 percent year-over-year growth.
Geographic trends show California and Texas experiencing the most significant increases in theft activity. California reported a 33 percent rise in incidents, while Texas saw an even more dramatic 39 percent surge.
The five most impacted counties all reported substantial increases, led by Dallas County, Texas, with a 78 percent spike in reported incidents. Los Angeles County, California, traditionally a high-activity area, saw a 50 percent increase while neighboring San Bernardino County experienced a 47 percent rise.
Notable shifts occurred in targeted commodities during 2024. While 2023 saw frequent theft of engine oils, fluids, solar energy products, and energy drinks, 2024 marked a strategic pivot by criminal enterprises. New targets included raw and finished copper products, consumer electronics (particularly audio equipment and high-end servers), and cryptocurrency mining hardware.
CargoNet said its 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.
While theft-by-deception schemes garnered significant media attention throughout the year, traditional cargo theft methods remained prevalent. Trailer burglaries and full trailer theft continued at elevated levels, particularly in major metropolitan areas, including Los Angeles, Dallas-Fort Worth, Atlanta, and New York City.
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.
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.
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