September 25, 2023
Cargo thefts from trucks and warehouses experienced a significant spike during the second quarter of 2023, according to Verisk Analytics’ CargoNet data. There were 566 reported incidents in the U.S. and 16 in Canada, marking a 57% year-over-year increase compared to 2022, resulting in over $44 million worth of stolen goods. Overhaul, another tracking platform, reported 123 cargo thefts during the same period, showing a 15% year-over-year increase.
Theft incidents are concentrated near freight hubs and large cities with international ports, with the most common theft locations being in California, Texas, Florida, and Illinois. Georgia, Kentucky, and Indiana also experienced increases in cargo theft, particularly in home and garden products and food and beverage goods.
Thieves targeted high-value shipments, causing the average shipment value per theft to climb to $260,703. Cargo thieves primarily targeted full truckloads and engaged in fictitious pickups, focusing on items like electronics, home and garden goods, food and beverage products, and auto parts. These stolen goods are often sold on online marketplaces like eBay and Amazon, posing a significant challenge to law enforcement.
To learn more, read the full article here: Freightwaves.com
Legacy employs multiple layers of safeguarding to prevent cargo theft and warehouse shrinkage, from sophisticated tracking and inventory technology to rigorous carrier vetting.
Theft Prevention through Technology
Legacy leverages a Tier 1 Enterprise Warehouse Management System, as well as sophisticated carrier tracking and monitoring tools, both of which provide crucial tools in the fight against cargo theft, enabling more precise inventory management throughout all stages of transit and storage. Each item is meticulously scanned and tracked throughout its entire lifecycle, significantly reducing the risk of shrinkage.
Theft Prevention through Quality Carriers
For Legacy to create sustainable capacity for shippers and adapt to evolving marketing conditions alongside this uptick in theft, Legacy implemented performance-scoring software into our vetting process that uses data analytics and powerful algorithms to predict how a carrier will transport goods. It also allows our team to check ratings, review any fraud reports, P44 tracking scores, and other pertinent data that ensures our carriers are not only safe on the road but also making good decisions and building healthy relationships within their routes.
Theft Prevention through Leadership:
Fostering a strong organizational culture centered on meticulous housekeeping, efficient processes, and strong leadership development programs further safeguards inventory from damage, theft, and misplacement.
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