Cargo theft is still rising, as Verisk’s CargoNet recorded 771 incidents in Q2 this year. While this is a 33% increase compared to the same time last year, it is still a 10% decrease from the all-time highs established in Q1.
The average shipment value in Q2 was $150,711, with CargoNet estimating that US$68.5 million in freight was stolen.
However, according to the report, some theft behaviors have shifted during this period.
For example, most prolific organized cargo heft groups in Southern California targeted high-value freight like motor oil and computer electronics less frequently. Instead, CargoNet observed that compared to the beginning of the year, thieves generally have developed a taste for vitamins and supplements, alcoholic beverage shipments (primarily liquor), and over-the-counter skincare products.
Meanwhile, theft of vehicle accessories like tires and motor oils, footwear, and consumer electronics such as televisions and computers decreased significantly.
California, Texas, and Illinois remained the states with the highest theft activity.
In line with the 10% decrease in activity from the first quarter of 2024, reported activity in the top five counties — Los Angeles, San Bernardino, and Riverside counties in California, as well as Cook County, Ill., and Dallas County, Texas — shrank significantly.
However, in most areas, activity remained relatively consistent. While activity in Dallas County decreased, for example, activity in Tarrant County grew substantially due to a surge of thefts around the western edges of Fort Worth, Texas, CargoNet says.
The theft activity in Q3 of 2024 is expected to remain elevated. While organized cargo theft rings in Southern California continue to be the most prolific threat, theft by deception schemes are growing in popularity across the U.S., CargoNet says. Thieves seem to favor targeted pilferage schemes and non-delivery of whole shipments, and these methods of cargo theft are anticipated to continue increasing in popularity.
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