Verisk CargoNet, a business unit of Verisk, reports record-breaking cargo theft activity across the United States and Canada. According to CargoNet's annual analysis, cargo theft activity reached unprecedented levels in 2024, with 3,625 reported incidents, representing a 27% increase from 2023. The estimated average value per theft rose to $202,364, up from $187,895 in 2023.
“The data suggests an evolving and increasingly sophisticated threat landscape in cargo theft, with criminal enterprises demonstrating tactical adaptability in both their methods and target selection,” CargoNet says.
Key takeaways:
- Each quarter in 2024 surpassed previous records set in 2023, though the margin of increase narrowed as the year progressed. The most dramatic spike occurred in Q1 2024, with 317 more incidents than the same period in 2023, while Q4 2024 showed a more modest increase of 94 incidents, representing an 11.81% year-over-year growth.
- Geographic trends show California and Texas experiencing the most significant increases in theft activity. California reported a 33% rise in incidents, while Texas saw an even more dramatic 39% surge. The five most impacted counties all reported substantial increases, led by Dallas County, Texas, with a 78% spike in reported incidents. Los Angeles County, Calif., traditionally a high-activity area, saw a 50% increase while neighboring San Bernardino County, Calif., experienced a 47% rise.
- While 2023 saw frequent theft of engine oils, fluids, solar energy products, and energy drinks, 2024 marked a strategic pivot by criminal enterprises. New targets included raw and finished copper products, consumer electronics (particularly audio equipment and high-end servers), and cryptocurrency mining hardware. The analysis also revealed increased targeting of specific consumable goods, including produce like avocados and nuts, along with personal care products ranging from cosmetics to vitamins and supplements, especially protein powder.
- Trailer burglaries and full trailer theft continued at elevated levels, particularly in major metropolitan areas, including Los Angeles, Dallas-Fort Worth, Atlanta, and New York City.
“Looking ahead to 2025, CargoNet anticipates a continuation of these trends, with organized criminal enterprises expected to maintain their aggressive targeting of supply chain vulnerabilities,” says CargoNet analysis.
