New data reveals a 57% increase in cargo theft from 2022 to 2023.

In 2023, there was a more than 57% increase in cargo theft incidents compared to the previous year, as reported by CargoNet, a Verisk company.

Travelers' national practice transportation lead, Scott Cornell, stated to CNBC that he believes they are experiencing an all-time high in cargo theft, as he has not witnessed such a high level of theft before.

In 2023, approximately $130 million worth of goods were stolen, but due to the lack of mandatory reporting for cargo theft, the actual amount is likely higher, according to CargoNet.

In 2014, CargoNet's vice president of operations, Keith Lewis, stated that the company received approximately 100 reports per month. Currently, the company takes in over 220 cargo theft events per month.

In 2023, CargoNet observed a 68% increase in year-over-year data compared to 2022.

Uber Freight CEO Lior Ron stated on CNBC that there was a 41% increase in the first 20 weeks of 2023 compared to the previous 20 weeks, indicating a clear acceleration.

Theft of cargo occurs during transportation and has recently reached unprecedented levels.

Cargo theft is increasingly appealing to criminals due to its low risk and high reward, according to Barry Conlon, CEO of Overhaul, a company that provides supply chain integrity solutions.

In 2023, CargoNet ranked California, Texas, and Florida as the top three hotspots for cargo theft, but the risk isn't limited to the coasts. Inland logistics hubs, such as Louisville, Kentucky, are also experiencing an increase in incidents.

Smart technology

New technologies and preventative measures, such as digitally locking systems, telematics, and real-time tracking, are being invested in by companies.

Ron stated that Uber Freight's product-level tracking has been in development for a decade.

Ron stated that it's important to ensure visibility on all assets, whether through GPS connectivity, SKU-level, or pallet-level connectivity.

In Louisville, Kentucky, CNBC examined Overhaul's innovative smart door seal and its functionality in preventing cargo theft at Arvato's fulfillment facility.

During a demonstration at the Overhaul warehouse, CNBC reported that Conlon said the Bluetooth seal can communicate with a device concealed in the cargo, which is often undiscovered.

Typically, trucks are secured with bolt seals and common detectable devices use light to sense when the doors are opened.

Thieves can easily bypass bolt seals, and light detection is less effective during nighttime strikes.

Conlon stated that we required a reliable and foolproof method to determine when someone is opening the door.

Overhaul's risk-monitoring system includes smart seals that, if broken, immediately send an alert to the company's command centers for shipment monitoring and data analysis.

Conlon stated that our task is to examine various data streams and add other pertinent data. Afterward, we must assess the situation and decide whether intervention is necessary.

Imperfect solutions

Even with new technologies and preventative measures, more solutions are needed.

Lewis stated that there is a significant amount of tension surrounding the resolution of the issue. On one hand, his team believes they can offer the best solutions, while on the other hand, the industry raises concerns about returning the unit to the company. As a result, they must now focus on reverse logistics.

To maintain pace with consumer expectations and demand, the industry must avoid slowing down deliveries.

Lewis said, 'The people on the other side of the table were saying, "You don't understand, we need to move this freight,"'

The video above discusses the increase in cargo theft targeting trucks, its appearance, and the measures companies are taking to combat it.