Freight hubs and major cities across North America are witnessing an alarming surge in cargo theft, with incidents skyrocketing by 49% in the first half of 2024 compared to the same period last year, Overhaul’s United States & Canada H1 2024 Cargo Theft Report.
The surge in theft incidents has been accompanied by a dramatic rise in financial impact. The average loss per incident skyrocketed to $115,230, marking an 83% increase from the same period last year. This trend underscores the growing sophistication and ambition of cargo thieves, who are systematically targeting high-value shipments. California remains the epicenter of this crisis, accounting for 45% of all reported cargo thefts, followed by Texas at 14%. Particularly concerning is the Southern California Red Zone, defined as the first 200 miles of travel for shipments departing from this area, which alone concentrated an alarming 36% of all cargo thefts in the country, averaging 58.6 thefts per month, nearly two each day. Remarkably, this region experiences as many cargo thefts as Texas, Tennessee, Illinois, Georgia and Arizona combined.
“This report should be a wake-up call. We conduct this research to help quantify the risk shippers need to mitigate in their supply chains. The increasing frequency and scale of cargo thefts make it clear that companies need more supply chain risk management and control over their shipments,” says Barry Conlon, CEO and founder of Overhaul. “Criminals are not only more organized, but they’re also tracking loads as they leave warehouses and distribution centers known to store valuable products, waiting to strike when vehicles are left vulnerable.”
Key Takeaways:
- The most sought-after target for thieves was electronics, representing 23% of all thefts.
- Home and garden products are a distant second at 14%. The report also highlights a concerning trend in the methods employed by criminals.
- Facility thefts have seen a significant uptick, now representing 19% of incidents, a sharp increase from just 4% in the first half of 2023.
- Additionally, there’s been a rise in large-scale pilferage incidents, contributing to a 17% increase in the average value of pilferage thefts.
