Estimated Cargo Theft Losses Rise 12% to $230 Million in U.S. and Canada in Q3

Cargo theft losses across the United States and Canada rose 12% to an estimated $230 million in the third quarter, while average losses per documented case also increased.

Through Sept. 30, theft counts were 25% lower than over the same period last year, but estimated losses climbed 39% to about $720 million. Cases with a recorded value averaged about $450,000 in losses, up from $260,000 a year earlier.

Third-quarter thefts valued above $1 million totaled 19, compared with nine in the same quarter last year. Many involved high-end electronics or materials used in data centers.

Fictitious pickups — cargo handoffs secured through deception by someone posing as an authorized carrier — accounted for 138 thefts in the United States and Canada during the quarter, down from 147 a year earlier. Their share of all cargo thefts rose to about 25% from 18%.

The scheme targets the point when a shipment changes hands. A fraudster may take over a carrier’s email account, use a legitimate company’s identity or obtain carrier registration details illicitly. GPS trackers can be jammed or switched off to hide a diverted load.

Some businesses have responded by attaching trackers to valuable freight, installing cameras that read license plates at loading sites, checking drivers’ licenses and splitting shipments among multiple trailers. State reporting standards vary, prosecution rates are low, and some companies avoid reporting thefts because they fear higher insurance premiums.

A separate case involved six pallets of NVIDIA equipment collected in East Oakland on Aug. 29 by a truck marked with a food freight company’s branding. The $11.4 million shipment was headed to Fort Worth, Texas. The truck traveled south before investigators lost track of it in San Bernardino County. Oakland police received a theft report on Sept. 13. As of Nov. 8, no arrests had been made and the cargo had not been recovered. Authorities have not disclosed how the truck or driver obtained the shipment, so a fictitious pickup has not been confirmed.