Cargo Theft Sees Small Decline but Remains High Compared to Last Year
New data from CargoNet's 2024 Second Quarter Supply Chain Risk Trends Analysis shows a slight decline in cargo theft, with 771 thefts reported, a 10% decrease from the first quarter. Despite this, thefts are still 33% higher than the same period last year, with losses estimated at $68.5 million. Notably, thefts of vitamins, supplements, alcoholic beverages, and skincare products increased. Cargo theft remains concentrated in California, Illinois, and Texas, which accounted for 57% of incidents. Legislative efforts are underway to address this, including the introduction of the Safeguarding our Supply Chains Act by California Rep. David G. Valadao. The bill aims to establish a Supply Chain Crime Coordination Center within the Department of Homeland Security, focusing on supply chain fraud and theft. Organized cargo theft rings in Southern California are a significant threat, and theft by deception schemes are on the rise across the U.S. CargoNet predicts these method