Cargo theft is growing at an alarming rate, according to a new investigation from CNBC. Allegedly, there was a 26% increase in incidents of theft from 2023 to 2024, with train cargo thefts alone up by a staggering 40%.
The findings highlight a new type of theft, known as “strategic theft,” in which criminals dupe shippers, brokers, and carriers into handing over cargo or payments to them instead of legitimate companies. This has grown in prominence over the last five years, accounting for roughly one-third of all thefts last year.
Ultimately, the report points to a growing sophistication among criminals who target freight, as well as shedding light on the critical importance of deterrents, including electronic logging devices (ELDs).
Cargo Theft on the Rise, Says New Report
A new investigation from CNBC has drawn startling conclusions concerning the evolving frequency and nature of cargo theft. According to the six-month investigation, during which the media outlet spoke to numerous industry experts and law enforcement officials, organized criminal groups are deploying new methods and attacking supply chains with greater frequency.
This has resulted in a massive 26% surge in cargo theft from 2023 to 2024, with 3,798 incidents recorded last year. Shockingly, seizure of train cargo alone shot up by 40%, with more than 65,000 reported incidents in 2024.
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Total reported losses exceed nearly $455 million, but with many cases going unreported, it is thought that the actual number could be much higher. Says the report: “Numerous experts who spoke to CNBC estimate losses are close $1 billion or more a year.”
Criminals Deploying New Methods to Steal Cargo
Not only is theft spiraling out of control, but criminals are leveraging new strategies to go about their illicit business. So-called “strategic theft” accounted for almost one-third of thefts in 2024 – up from just 8% in 2020.
Rather than employing brute force, “strategic theft” exploits the traditional shipping model, in which a broker acts as the conduit between a shipper and a carrier, the trucking company that ultimately transports the load.
With this method, criminals deceive one or more of the parties involved in the supply chain, tricking them into handing over goods, money, or even both. Reportedly, “strategic theft” is extremely difficult to investigate.
One expert that CNBC spoke to, the Vice President of Operations at Verisk CargoNet, Keith Lewis, said: “Think of identity theft. Think of a friend that’s had their identity stolen or their credit card stolen. There’s no difference. There’s no breadcrumb trail to follow…it’s a ghost.” Alarmingly, the company has tracked organized criminal groups to no fewer than 32 different countries.
Findings Highlight Importance of Anti-Theft Measures
Ultimately, the CNBC investigation brings home the vital importance of criminal deterrents, such as the use of ELDs or other asset tracking software.
Security companies such as Highway alert their clients when someone changes their company’s phone number, email, or registered address on the Federal Motor Carrier Safety Administration’s website. As this is where shippers register their details, it’s often the first line of defence against a criminal organization that is trying to instigate “strategic theft.”
However, government and trade bodies must accept some accountability, too. At present, it is far too easy for criminals to gain access to their networks and make changes at will, which can have devastating consequences. It’s no surprise that cyberattacks are also on the rise, with most businesses deserting their most basic cybersecurity duties.
Businesses everywhere have a responsibility to invest in their cybersecurity infrastructure, source new talent, and also to upskill their existing employees on best practices. With a greater collective focus and effort, there’s a much greater chance of combating this concerning rise in cargo theft – but change won’t happen overnight.
