Cargo Theft Continues to Escalate

Cargo theft has become a major issues in the United States with total annual losses totaling in the hundreds of millions, To address the issue, Truckstop has launched a campaign to combat trucking fraud through awareness and research. As part of this campaign, they have introduced a web series called "Fraud Prevention Friday" that provides tips and best practices to the freight industry to prevent fraud.

Truckstop conducted a survey that revealed a 20% increase in cargo theft reports in 2022, with the most significant rise occurring in the fourth quarter, resulting in a total loss value of $223 million. Criminals are exploiting load board technology to pose as legitimate carriers and gain access to loads. The survey also highlighted a 400% surge in double-brokering complaints in the previous six months.

In addition, Truckstop released another survey revealing that 78% of brokers experienced time loss in resolving fraud-related issues, while 65% reported a loss of productivity. A significant portion, 24%, had to handle legal implications as well.

Other companies, such as Overhaul and CargoNet, have also reported an increase in cargo theft incidents and supply chain risk events. Overhaul's report revealed approximately 1,100 reported incidents of cargo theft in the U.S. in 2022, with a 58% increase in the average value of thefts. CargoNet's report indicated a 15% increase in reported supply chain risk events, with a 17% rise in heavy commercial vehicle thefts and a 20% increase in cargo thefts compared to the previous year.