With the explosive growth of the freight market during the COVID-19 pandemic, cargo theft and fraud surged. Thieves stole more than $31 million in shipments just in the third quarter of 2023.
CargoNet has issued a warning to supply chain professionals and the North American trucking industry saying the threat of cargo theft is “extremely” high heading into Thanksgiving 2023.
CargoNet said there were 692 recorded theft events during the third quarter of 2023 and thieves stole more than $31 million in shipments. The company warns that strategic cargo theft by using stolen identities of brokers and motor carriers continues to increase.
Activity for the Fourth of July weekend in 2020 was at its highest since 2016 and increased by 123% over the previous year, according to a CargoNet analysis.
North American cargo theft is on the rise this year, and the Covid-19 pandemic caused a spike in cargo crime in April.
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