Industry's Vigilance Rises in Response to Heightened Cargo Theft
Cargo theft has reached a decade-high, with the second quarter of 2023 witnessing a 57% increase compared to the previous year, totaling 582 thefts across the U.S. and Canada. The average shipment value per theft rose significantly as thieves targeted high-value shipments. The rise in strategic theft, utilizing deceptive means like stolen identities, has become a major concern for the industry, resulting in a 600% increase in some cases. Industry stakeholders are stepping up to tackle the issue, offering support and information to carriers to protect their freight.
Load board operators, like Truckstop, launched "Fraud Prevention Friday," a weekly educational series, while DAT Freight and Analytics implemented new initiatives to combat fraud. Increased awareness and collaboration are yielding positive results, with federal law enforcement showing more activity in addressing cargo theft.
Here’s a quick rundown on the latest U.S. import scene: Inflation’s not the only thing on the rise – we’re seeing a significant increase in imports from China, especially after their factories reopened post-Lunar New Year.