Freight hubs and major cities across North America are experiencing a troubling increase in cargo theft, with reported incidents surging by 49% in the first half of 2024 compared to the same time frame in 2023, according to Overhaul’s United States& Canada H1 2024 Cargo Theft Report.
This alarming rise in thefts correlates with a substantial increase in financial damage, as the average loss per incident escalated to $115,230—an 83% jump from the previous year. This trend highlights the evolving sophistication of cargo thieves, who are strategically targeting high-value shipments. California emerges as the epicenter of this issue, accounting for 45% of all reported cargo thefts, followed by Texas at 14%. Particularly concerning is the Southern California Red Zone, which encompasses the first 200 miles of shipping routes from this area. This zone alone contributes to a shocking 36% of all cargo thefts nationwide, averaging 58.6 thefts each month—almost two thefts every day. Remarkably, this region’s theft frequency rivals that of 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,” states 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:
- Electronics remain the most coveted target for thieves, accounting for 23% of all thefts.Home and garden products rank second at 14%. The report also reveals concerning trends in the tactics used by criminals.
- Facility thefts have spiked significantly, now representing 19% of incidents, a dramatic rise from just 4% in the first half of 2023.
- Additionally, there’s been an increase in large-scale pilferage incidents, contributing to a 17% increase in the average value of pilferage thefts.
