Cargo Theft Continues to Rise

This time of year often sees a rise in cargo theft as people are gearing up for holiday spending. Cargo theft and fraud have been significant issues this year and show no signs of slowing down.

CargoNet has released their latest findings for Q3 2024 relating to cargo theft. There were 776 cargo theft incidents across the U.S. and Canada with a total value of stolen goods exceeding $39 million, which indicates a 14% increase from Q3 2023.

According to Cargonet's analysis, the rise in theft activity is driven by organized crime groups by participating in some form of document fraud, identity theft, and stealing the property they are being entrusted to transport. As cargo thieves grow more sophisticated, companies need to take proactive measures to safeguard themselves. Here are some precautions you can take:

• Have regular training for all employees to recognize and prevent cargo theft techniques.
• Do not leave loaded trailers unattended whenever possible.
• Check your security equipment. Ensure alarm systems, cameras, phones, lights, and other security measures are working properly.
• Work closely with shippers to confirm the identification of drivers at the point of pick-up, identifying information on the truck and trailer being used, and the use of secure pick-up numbers.

To find additional tips on preventing fraud and reducing your risk, visit our Fraud Prevention and Reporting webpage. The webpage also offers guidance for those who may have experienced fraud or identity theft.

As your trusted partner, we want to ensure that you are fully protected for these situations. It is important to have insurance that covers dishonest acts of carriers and third parties as well as having a comprehensive Cyber and “All-Risk” Cargo coverage. For more information and to discuss the best insurance coverage for your business needs, contact your local Avalon representative.