Braving the Storm: Insights on Cargo Theft from the 2023 Transportation Summit

Cargo theft has reached unprecedented levels, with sophisticated criminal networks employing advanced strategic methods to exploit supply chain vulnerabilities. This concerning trend took center stage at the recent sell-out Cargo Theft and Transportation Summit held in Monrovia, CA and hosted by Verisk and Travelers .

As a Gold Sponsor, Verified Carrier was honored to participate in this timely event that assembled transportation leaders to dissect cargo theft's growth and collaborate on solutions. With seats filled and insightful sessions on the schedule, the summit spotlighted the industry's deep engagement around this escalating threat.

Cargo Theft's Concerning Trajectory

"Cargo theft is at a high high," noted Scott Cornell of Travelers Insurance in his sobering presentation on cargo theft statistics. "Strategic theft through methods like fictitious pickups is skyrocketing."

The numbers validate the gravity of the situation. CargoNet data reveals reported cargo thefts are on pace to reach over 2,500 in 2022, driven by 700%+ increases in strategic theft through sophisticated social engineering tactics and technological exploits. Load values per theft are also rising, with coveted electronics drawing criminals' attention.

Equally distressing is the decline of dedicated law enforcement resources to counter this swell of cargo crime. Nationwide cargo theft task forces have deteriorated from over 100 to only around 35 currently, severely hampering investigation and recovery capacities.

Combating Cargo Crime

While cargo theft's currents are undoubtedly turbulent, innovative partnerships, technology, and resilience provide routes to safer harbors.

"New best practices are needed for vetting procedures, red flag identification, technology use, rapid reporting, and partnerships to counter these sophisticated criminal networks," Cornell urged.

Checklist to Deter Cargo Theft

• Conduct thorough vetting of all transportation partners
• Closely monitor FMCSA profiles for suspicious changes
• Require drivers to photograph seals with location metadata
• Install sensor technology like light detectors in trailers
• Report any suspected theft immediately to aid recovery
• Collaborate closely with law enforcement and insurers
• Utilize platforms providing transparency like Verified Carrier

Proactive prevention starts with knowing your business partners. Verified Carrier's rigorous carrier verification aligns with this imperative, validating legitimate operators and avoiding identity theft victims. The company's seamless digital tools also enable users to vet partners anywhere, not just traditional hotspots.

Once goods are in transit, securing loads by confirming seal numbers against driver photos demonstrably deters theft. Rapid reporting also critically aids recovery, though current delays remain an obstacle.

Finally, open collaboration between logistics firms, law enforcement, and insurance provide needed intelligence to identify bad actors and jointly strengthen defenses.

The sea ahead undoubtedly still poses threats, but charting a course together steers towards collective security. As Verified Carrier's CEO Alex Panfilov affirmed, "We're in this together."