USA’s cargo theft up by over 60% in 2024 over two years prior

Cargo theft claims are being reported with greater frequency year-on-year, according to data revealed by the freight and cargo handling insurer, TT Club.

Focussing on the USA’s cargo crime profile TT’s claims analysis revealed in its recent bulletin shows a significant increase in the total number of reported thefts of all types of cargo, up by over 60% in 2024 over two years prior. 

Thefts of full loads from cargo handling facilities or depots made up nearly half of these last year as opposed to 29% in 2023.

Fast-moving changes in supply chains across the world are more complex and unexpected than ever says international freight and cargo handling insurer, TT Club.

Its’s recent bulletin focusses on drug smuggling and cargo theft in the US, along with initiatives to combat the risks, including smart containers and online animated guides to spotting fraudulent instructions to operators.

There have been extreme cases where those behind cargo theft have used technology to block or jam GPS tracking devices, TT Club said in its supply chain security bulletin, and even cases whereby a recruited insider has placed a covert GPS device for the criminals so that they have full visibility of their target as it transits through the supply chain, affording them the opportunity to choose an opportune moment to strike.

According to the TT Club, a kilo of cocaine is worth between $1,500 and $2,200 in producing countries such as Colombia. By the time it reaches consumer markets in Europe and North America, it can be worth between $30,000 and $80,000. 

“Such is the profit incentive for drug traffickers,” highlights the TT Club. TT claims data highlights several important trends over the last three years.

The most frequently recorded type of theft across all three years was the theft of a full container or trailer from a cargo handling facility or depot. This type of crime however has witnessed an increase in frequency from 2023 (29%) to 2024 (49%), the insurer said.

“Our latest Supply Chain Security Bulletin delves into the data relating to this crime and also the methods evolving in an attempt to minimise the consequences,” commented Mike Yarwood, managing director of Loss Prevention, TT Club.

“At TT we will continue to interrogate our own, and other sources to better understand the risks across the global supply chain, not just crime,” explained Yarwood. “We are also dedicated to advising and assisting those involved in the container trades to prevent or reduce these risks.”