Cargo theft activity has reached "new levels" in the first quarter of 2024, according to an industry expert. CargoNet, a data exchange company based in New Jersey, published its Supply Chain Risk Trends Analysis, revealing alarming figures.

There were 925 incidents documented, representing a 46% increase compared to the same period last year, 2023, and a 10% increase compared to the last quarter of 2023.

The average value of stolen shipments rose to $281,757, with a total estimated loss of $154.6 million in the first three months of the year. This increase is partly attributed to "complex fraud schemes," where entire loads are picked up and never delivered, or delivered with digitally altered documentation.

Keith Lewis, Vice President of Operations at CargoNet, highlighted that fraud incidents have increased by 700% in some areas of the country. This significant rise has drawn the attention of the FBI, which issued an alert in April about a fraud scheme designed to deceive carriers and brokers.

California, Illinois, and Texas account for 61% of all reported thefts, with California experiencing a year-over-year increase of 72%. The most stolen items include small appliances, liquors, energy drinks, and copper. Hotspots for straightforward cargo theft include Southeast California, Dallas-Fort Worth, Atlanta, and the corridor encompassing New York, Northern New Jersey, and Eastern Pennsylvania.

CargoNet anticipates that high levels of theft will persist into the second quarter, requiring proactive security measures and ongoing vigilance from all parties involved in the supply chain.