What's Happening?
Holiday cargo theft events have seen a significant increase of 82% from 2020 to 2024, according to Verisk CargoNet. The rise in thefts is attributed to the holiday period, which presents opportunities for criminals due to reduced oversight, facility closures,
and the movement of high-value freight on compressed schedules. The analysis by Verisk CargoNet reported an increase in incidents from 49 in 2020 to 89 in 2024, with a total of 353 recorded events over five holiday periods. These incidents include cargo theft, theft of tractors and trailers, and supply chain fraud, with a notable concentration of activity on December 23. California, Texas, Illinois, and Florida are the states with the highest number of incidents, with specific counties like San Bernardino and Los Angeles in California, and Shelby County in Tennessee, being particularly affected. Commonly targeted items include vehicle-related commodities, alcoholic beverages, electronics, and power tools.
Why It's Important?
The surge in holiday cargo theft poses a significant threat to the logistics industry, impacting carriers, shippers, and retailers. The increase in thefts during the holiday season can lead to substantial financial losses, affecting the supply chain and potentially leading to higher costs for consumers. The logistics industry must implement stronger security measures to mitigate these risks, such as verifying pickups through direct communication, increasing facility access controls, and using secure parking for high-value loads. The rise in thefts also highlights the need for improved collaboration between logistics stakeholders and law enforcement to prevent and respond to incidents effectively.
What's Next?
Logistics stakeholders are advised to enhance their security protocols during the holiday season, particularly on peak-risk days. This includes verifying pickups through trusted contact methods, increasing security coverage during off-hours, and deploying shipment monitoring for high-value loads. Stakeholders are also encouraged to report suspicious activity promptly to law enforcement and Verisk CargoNet. These measures aim to reduce the risk of theft and protect the supply chain during the high-demand holiday period.
