What's Happening?
Verisk CargoNet has reported a significant rise in holiday cargo theft events, with an 82% increase from 2020 to 2024. The analysis highlights that the holiday season creates conditions that are exploited by criminals, such as reduced oversight and facility
closures, alongside high-value freight moving on compressed schedules. The report indicates that the number of reported events rose from 49 in 2020 to 89 in 2024, with a total of 353 recorded incidents over the five-year period. These incidents include cargo theft, theft of tractors and trailers, and supply chain fraud, with the peak activity day being December 23. California, Texas, Illinois, and Florida were identified as the states with the highest number of incidents, with specific counties like San Bernardino and Los Angeles in California, and Shelby County in Tennessee, experiencing the most activity. The most frequently targeted commodities include vehicle-related items, alcoholic beverages, electronics, and power tools.
Why It's Important?
The increase in holiday cargo theft poses significant challenges for the logistics and retail industries, particularly during a period of high consumer demand. The rise in thefts can lead to substantial financial losses for businesses, disrupt supply chains, and increase insurance costs. Companies involved in shipping and logistics must enhance their security measures to protect high-value shipments, especially during peak holiday periods. The report underscores the need for improved communication and verification processes to prevent fraud and theft. This trend also highlights the importance of collaboration between businesses and law enforcement to address and mitigate the risks associated with cargo theft.
What's Next?
To combat the rising trend of cargo theft, logistics stakeholders are advised to implement stronger security measures, particularly during high-risk periods. This includes verifying pickups through direct communication with known contacts, increasing facility access controls, and using secure, monitored parking for extended stops. Additionally, stakeholders are encouraged to deploy shipment monitoring for high-value loads and establish driver check-in expectations during closures. Prompt reporting of suspicious activity and confirmed incidents to law enforcement and Verisk CargoNet is also recommended. These steps aim to reduce the risk of theft and protect valuable shipments during the holiday season.
