The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Cargo thieves are attacking the U.S. supply chain at alarming rates

by admin May 11, 2025
May 11, 2025
Cargo thieves are attacking the U.S. supply chain at alarming rates

America’s supply chain is under attack.

From coast to coast, organized criminal groups are hitting trucks on the road, breaking into warehouses and pilfering expensive items from train cars, according to industry experts and law enforcement officials CNBC interviewed during a six-month investigation.

It’s all part of a record surge in cargo theft in which criminal networks in the U.S. and abroad exploit technology intended to improve supply chain efficiency and use it to steal truckloads of valuable products. Armed with doctored invoices, the fraudsters impersonate the staff of legitimate companies in order to divert cargo into the hands of criminals.

The widespread scheme is “low risk and a very high reward,” according to Keith Lewis, vice president of Verisk CargoNet, which tracks theft trends in the industry.

“The return on investment is almost 100%,” he said. “And if there’s no risk of getting caught, why not do it better and do it faster?”

In 2024, Verisk CargoNet recorded 3,798 incidents of cargo theft, representing a 26% increase over 2023.

Total reported losses topped nearly $455 million, according to Verisk CargoNet, but industry experts told CNBC that number is likely lower than the true toll because many cases go unreported. Numerous experts who spoke to CNBC estimate losses are close to $1 billion or more a year.

Train cargo thefts alone shot up about 40% in 2024, with more than 65,000 reported incidents, according to the Association of American Railroads.

Industry experts and law enforcement officials say a more sophisticated and insidious form of cargo theft called strategic theft is also on the rise.

The way the system is supposed to work is this: A shipper pays a broker, and the broker, after taking its fee, pays the carrier, the trucking company that moves the load.

In strategic theft, criminals use deceptive tactics to trick shippers, brokers or carriers into handing cargo or legitimate payments, sometimes both, over to them instead of the legitimate companies.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Ukraine says it has uncovered Hungarian spy network working in border region
next post
Tech 5: OpenAI Restructures, Apple Pursues AI Search, Constellation Shares Jump

Related Posts

Nvidia loses nearly $600 billion in market value...

January 28, 2025

CFPB expands oversight of digital payments services including...

November 23, 2024

Embraer CEO says jet maker studying possibilities for...

October 22, 2024

Elon Musk is $70 billion richer since Trump...

November 14, 2024

Macy’s turnaround hinges on revamping some stores and...

March 7, 2025

U.S. unemployment rate ticks up to 4.3% amid...

August 6, 2024

How Trump could spare Biden’s renewable energy credits...

December 20, 2024

Shredded cheese recall over listeria concerns in 15...

March 10, 2024

Recalled cucumbers linked to at least 449 illnesses...

August 17, 2024

‘NEETS’ and ‘new unemployables’: Why some young adults...

July 4, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,511)
    • Investing (3,924)
    • Politics (5,236)
    • World (4,762)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved