CargoNet – the New Jersey-based data- and information-sharing company that works with law enforcement and motor carriers to combat cargo theft – just released the results from its 2024 First Quarter Supply Chain Risk Trends Analysis. The results showed a 45% increase in cargo thefts compared to the first quarter of 2023. The average value of each stolen load in the first quarter was $281,757, with an estimated total loss of more than $154 million.
CargoNet said the dramatic increase in cargo theft is coming in part because of what it calls “complex fraud schemes, which result in entire loads being picked up and never delivered or delivered with digitally altered paperwork to hide the theft from the customer.” The company listed five suspicious activities every driver and carrier should be aware of:
Fraud is rampant, often beginning with identity theft. On a daily basis, brokers and carriers are dealing with stolen loads and thieves are getting between legitimate brokers and carriers to steal loads.
Every year, TAT (formerly called Truckers Against Trafficking) honors a member of the trucking, bus or energy industry, whose direct actions help save or improve the lives of those exploited or prevent human trafficking from taking place, with the Harriet Tubman Award
Bob Costello has indicated that the freight market has improved – but very slowly – since January. It must be said that ATA’s indices are dominated by contract freight as opposed to spot rates.
Now, however, with Republican control of both houses of Congress and the White House (and, some say, the Supreme Court) I am optimistic that trucking will get a fairer shake than it has during Biden’s term in office.